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Item #5 bond proposal 2016
This document proposes holding a special election on November 8, 2016 to issue $12 million in general obligation bonds to fund capital street improvement projects in the city. It outlines the proposed projects which include milling and overlaying streets as well as reconstructing seven streets with new curbs and sidewalks. It provides an analysis of the project's estimated tax rate impact and sample property tax statements. It also includes information on the election such as early voting dates and locations.
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Item #5 bond proposal 2016
- 1. 1 An Ordinance Orderinga Special Election to be held on November 8, 2016, for the issuance of General Obligation Bonds to fund the Capital Street Improvement Project Presented By: Mark Browne City Manager Item No. 5 August 22, 2016
- 2. 2 Introduction • Staff hasestimated approximately $12 million in Capital Infrastructure Improvement Projects for City Council consideration • Scope of work includes • Mill and Overlay of various streets within the City • Re-construction of seven streets with new curbs and sidewalks • Streets not identified have received paving in the last 8 years and streets needing Utility improvements mandated by TCEQ • The City is proposing to issue debt to fund these infrastructure improvements
- 3. 3 Application Types • Milland Asphalt Overlay involves the milling of existing asphalt and the overlay of a new asphalt surface • Street Reconstruction involves the complete removal and replacement of the asphalt and base materials as well as new sidewalks and curbs
- 4.
- 5. 5 Reconstruction will includenew curbs and Sidewalks
- 6. 6 Mill and Overlay– Curb to Curb
- 7. 7 Wedge Mill –milling of the curb edges prior to asphalt overlay of full street
- 8.
- 9. 9 Tax Rate Analysis •Current Property Tax Rate • M&O Rate $0.330762 • I&S Rate $0.059500 • Total Rate $0.390262 • With proposed bond issuance Property Tax Rate will not increase until 2018 • Current I&S Rate $0.059500 • Estimated Increase $0.035700 • Total I&S Rate $0.095200 • Then decrease in 2033 • Decrease $0.031800 • Estimated I&S Rate $0.063400
- 10. 10 Preliminary Tax RateAnalysis Existing Tax- Supported D/S Principal Interest Total Projected Total Tax- Supported D/S $9,917,486 $12,000,000 $5,441,677 $17,441,677 $27,359,163
- 11. 11 SAMPLE STATEMENT ON2015 AVERAGE TAXABLE HOME VALUE IN ALAMO HEIGHTS, TEXAS Taxing Unit Assessed Value Homestead Exemption Taxable Value 2015 Rate per $100 Tax Levy % of Total Levy Alamo Heights I.S.D. $559,986 $25,000 $534,986 $1.195000 $6,393 44% City of Alamo Heights $559,986 N/A $559,986 $0.390262 $2,185 15% Alamo Community College Dist. $559,986 N/A $559,986 $0.149150 $835 6% Bexar County $559,986 N/A $559,986 $0.297500 $1,666 12% University Health System $559,986 N/A $559,986 $0.276235 $1,547 11% County Road & Flood $559,986 $3,000 $556,986 $0.017000 $95 12% S.A. River Authority $559,986 $5,000 $554,986 $0.017290 $96 1% Total $2.342437 $12,817 100%
- 12. 12 SAMPLE STATEMENT ON2018 AVERAGE TAXABLE HOME VALUE IN ALAMO HEIGHTS, TEXAS Taxing Unit Assessed Value Homestead Exemption Taxable Value 2015 Rate per $100 Tax Levy % of Total Levy Alamo Heights I.S.D. $559,986 $25,000 $534,986 $1.195000 $6,393 44% City of Alamo Heights $559,986 N/A $559,986 $0.425962 $2,385 16% Alamo Community College Dist. $559,986 N/A $559,986 $0.149150 $835 6% Bexar County $559,986 N/A $559,986 $0.297500 $1,666 11% University Health System $559,986 N/A $559,986 $0.276235 $1,547 11% County Road & Flood $559,986 $3,000 $556,986 $0.01700 $95 11% S.A. River Authority $559,986 $5,000 $554,986 $0.017290 $96 1% Total $2.378137 $13,017 100%
- 13. TOTAL DEBT SERVICE Original IssuesGeneral Fund Utility Last Payment * 2007 CO $7.5 million (GF $5.165 m and Utility $2.335 m) 1,073,059$ 232,814$ Aug 2017 2012 GO $6.3 million City Hall Building 7,137,128$ ‐$ Aug 2032 2016 GO REFUNDING $2.975 million 1,707,298$ 1,674,158$ Aug 2027 Total (Principal and Interest) 9,917,486$ 1,906,971$ 11,824,457$ Note * 2007 Bonds were for General Fund and Utility Fund New fire fighting and rescue apparatus Repairs, extensions and improvements to water system Repairs, extensions and improvements to sewer system Construct street and sidewalk improvements and related pedestrian amenities Fund storm water drainage master plan Repair, modify and renovate various City facilities Pay for professional services related to these projects and pay for cost of issuance
- 14.
- 15. 1515 • Two PublicInformational Meetings were held at City Hall introducing proposed project − June 29th − July 20th • The information was also placed on the City Website for citizens who could not attend the meetings Background
- 16. 1616 • City Councilof the City of Alamo Heights, Texas shall be authorized to issue bonds in the amount of $12,000,000 for the purpose of constructing and/or repairing streets, curbs, sidewalks and related drainage improvements with the bonds. Proposition
- 17. 1717 • City Councilshall be authorized to levy and pledge, and cause to be assessed and collected, annual ad valorem taxes on all taxable property in the City, to pay the annual interest on the bonds and provide a sinking fund to pay the bonds at maturity. Proposition
- 18. 1818 • Early Voting Lion’s Field Adult /Senior Center, Olmos Park City Hall, and Tobin Library are included in the list of Early Voting locations October 25, 2016 – November 4, 2016 • Election Day Voting Tuesday, November 8, 2016 Precincts 3020 & 3026 at Alamo Heights Baptist Church, 6501 Broadway Precinct 3025 at City Hall, 6116 Broadway 7:00 a.m. – 7:00 p.m. Election Information
- 19. 1919 • Voting informationwill be available: City’s website September/October newsletter Publications will be in the San Antonio Express- News and La Prensa Call City Secretary at 832-2209 Election Information (con’t)
- 20. 2020 • Texas GovernmentCode, Chapter 1251 allows the municipal authority to call general obligation bond elections. Policy Analysis
- 21. 21 Fiscal Impact • Ifapproved by the voters, tax-exempt general obligation bonds would be sold at an advantageous time for the City depending upon interest rates and market conditions in or about early 2017. • The City should realize cost savings by participating in the Joint Election.
- 22.