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��`i�► ��,� . �.�� � Memo To: Neal Beets, City Manager From: Chris Miller, Finance Directo C�� Date: March 5, 2002 Re: Supplemental Information on the Referendum Process and Financing Methods for New Facilities Date: 03/11/02 Item: V. A-6 Introduction The following information has been prepared to provide supplemental information pertaining to the referendum process, as well as available financing methods for new facilities. The information addresses timing issues for elections, summarizes the feasibility and impact of using various funding sources, and outlines a number of fiscal policy issues. Timing Issues In an effort to identify all of the legal requirements and restrictions related to this matter, I have had a number of discussions with the City's Bond CounseL In order to place a question on the election ballot whether for a general or special election, the following legal requirements need to be met: o The City Council must approve by resolution, the intent to seek voter approval for the issuance of general obligation bonds. The resolution must state the maximum amount the City proposes to borrow and specify the purpose for which the debt is to be incurred. The resolution must include the exact question to be used on the ballot. The resolution must be passed and submitted to Ramsev Countv no later than 49 davs prior to Election Dav. ❑ Publication in the City's official newspaper is required at least two weeks in advance of the election. Furthermore, the notice must be published at least once during each calendar week for two calendar weeks, and at least five days must elapse between the two publications. ❑ The notice of election must include the question to be voted on, the ma�mum amount of the bond issue, and the purpose of the proposed issue. In addition, the ballot needs to note that voting `Yes' is voting for a tax increase. Even if other factors e�st which may negate the increase, the ballot still must make this claim. The election notice must also specify the date of the election, the hours for voting, and the location of each polling place. In addition to the requirements noted above, additional procedural requirements will apply.