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Ordinance Fact Sheet
TO:
FROM:
SUBJECT:
CITY COUNCIL
CIPi'ATTORNEY
DATE: July 22, 2024
SUBMISSION OF A PROPOSITION INCURRING BONDED
INDEBTEDNESS FOR THE PURPOSE OF FINANCING THE
COST OF THE EARTHQUAKE RETROFIT, REPAIR AND
UPDATE OF THE CENTRAL LIBRARY
TITLE OF PROPOSED ORDINANCE
AN ORDINANCE OF THE CITY OF PASADENA ORDERING THE SUBMISSION OF
A PROPOSITION INCURRING BONDED INDEBTEDNESS TO THE QUALIFIED
ELECTORS OF THE CITY OF PASADENA AT THE GENERAL MUNICIPAL ELECTION TO BE HELD ON NOVEMBER 5, 2024, FOR THE PURPOSE OF
FINANCING THE COST OF THE EARTHQUAKE RETROFIT, REPAIR AND UPDATE
OF THE CENTRAL LIBRARY
PURPOSES OF THE ORDINANCE
The purpose of this ordinance is to authorize the submission of a proposition authorizing the City to issue general obligation bonds to Pasadena voters at the November 5, 2024 general municipal election.
REASONS WHY LEGISLATION IS NEEDED
At its July 22, 2024 meeting, the City Council is being asked to direct the City Attorney to prepare this ordinance.
PROGRAMS, DEPARTMENTS ORG ROUPS AFFECTED
The Public Works Department will administer the earthquake retrofit, repair, and update of the Central Library project. The Finance Department will administer issuance of the bonds and the debt service payments.
T
MEETING OF _2/22-/2Q2A-
AGENDA ITEM NO.18
FISCAL IMPACT
The fiscal impact to the City would primarily be in the costs of issuance of the bonds and the repayment. The anticipated bonds of $195,000,000 will have an average cost of $12,000,000 annually over 30 years with an average annual tax rate of $19.60 per $100,000 of assessed valuation of all property to be taxed, and an estimated highest tax rate of $28.90 per $100,000 of assessed valuation of all property to be taxed.
ENVIRONMENTAL DETERMINATION
On July 22, 2024, as part of this agenda item, the Council is being asked to find that the proposed action is not a project under the California Environmental Quality Act.
Respectfully submitted,
Michele Beal Bagneris,
City Attorney
Prepared
^<^van N-'Rad
Chief Assistant City Attorney
Concurred by:
^Q_A_lusa
MIGyEb^/lARQUEZ
City Manager
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