RTC 24-180 — City Council and Authorities Concurrent, July 16, 2024

1500 Warburton Avenue
Santa Clara, CA 95050
santaclaraca.gov
@SantaClaraCity
City of Santa Clara
Legislation Details (With Text)
File #: Version: 124-180 Name:

Status:Type: Public Hearing/General
Business
Agenda Ready
File created: In control:2/12/2024 Council and Authorities Concurrent Meeting On agenda: Final action:7/9/2024
Title: A. Discussion and Potential Actions Related to Proposed November 2024 Ballot Measure Authorizing the Issuance of General Obligation Bond Debt to Fund Public Infrastructure; Such Actions to Include the Following:

1. Adoption of a Resolution of Necessity

2. Introduction of an Ordinance Ordering the Submission of a Measure Incurring Bonded Indebtedness to the Voters at the November 2024 General Municipal Election

3. Direction on a Draft Expenditure Plan to be Included with the Measure B. Discussion and Council Direction on a Proposed Charter Amendment Regarding Public Works Procurement [Charter Section 1310] to Update the City’s Public Works Bidding and Contracting Authority, Allow for Design-Build Projects and Implement Other Technical Changes Sponsors:

Indexes:

Code sections:

Attachments: 1. Proposed Resolution of Necessity, 2. Proposed Ordinance, 3. Proposed Amendment to Charter Section 1310 for Contracts on Public Works Projects, 4. Proposed Transparency and Accountability Plan, 5. Proposed Expenditure Plan for a $598M Bond, 6. Proposed Project List for a $598M Bond, 7.

Proposed Expenditure Plan for a $298M Bond, 8. Proposed Project List for a $298M Bond, 9.

Ordinance No. 2069 Intro, 10. POST MEETING MATERIAL
Action ByDate Action ResultVer.

Council and Authorities Concurrent
Meeting
7/9/2024 1
Council and Authorities Concurrent
Meeting
7/9/2024 1

REPORT TO COUNCIL

SUBJECT
A. Discussion and Potential Actions Related to Proposed November 2024 Ballot Measure Authorizing the Issuance of General Obligation Bond Debt to Fund Public Infrastructure; Such Actions to Include the Following:

1. Adoption of a Resolution of Necessity

2. Introduction of an Ordinance Ordering the Submission of a Measure Incurring Bonded Indebtedness to the Voters at the November 2024 General Municipal Election

BACKGROUND
Unfunded Capital Needs
Over the last several years, the need for capital infrastructure investment has been identified and discussed as part of the budget and the City Council’s annual Priority Setting Processes. While the City’s utility infrastructure is well funded, there are significant funding gaps in other areas. For capital infrastructure where the General Fund is the primarily funding source, the City has relied on a pay-as -you-go approach using funds set aside in the Capital Projects Reserve. This reserve is funded by General Fund surplus funds at the end of a fiscal year and is insufficient to address the City’s considerable infrastructure needs.

As part of the development of the FY 2024/25 and FY 2025/26 Biennial Capital Budget, over $600 million in City infrastructure needs were identified where the General Fund would be the primary funding source. This amount included the most immediate needs over the next five years and did not fully account for all unfunded needs in the City. In 2024 alone, the City received over $2700 million in infrastructure requests from the various departments with only $24 million available in the Capital Projects Reserve. Aging roads, bridges, underground stormdrain pipes, and sidewalks all need repairs and maintenance to meet performance, safety, and accessibility needs for residents. The City Fire Department handles approximately 10,000 service calls each year, a 14 percent increase over the past decade. Several of the City’s local fire stations are 50 to 55 years old and in need of seismic upgrades and other enhancements to ensure emergency and disaster preparedness and response.

Additionally, funding is needed to ensure safe routes and intersections for kids to get to school; safer roads for drivers, pedestrians, and bicyclists; and safe, well-maintained parks, playground, community and recreation facilities, and libraries for our community.

Given the significant infrastructure needs, the City Council took action on July 18, 2023, to approve funding in the amount of $358,000 for outreach, engagement, and policy analysis to support activities related to potential November 2024 ballot measures (RTC 23-913). A study session on the unfunded needs including a presentation of revenue options and workplan for a November 2024 ballot measure was subsequently held on October 24, 2023. In addition, during the two-day 2024 Council Priority Setting Session on March 25 and April 3, 2024, the City Manager presented on the City’s unfunded capital needs and the potential for the City to explore a general obligation (GO) bond measure. Staff have been working with consultants to explore the feasibility of such a bond.

It is also important to note that this is not the first time the City of Santa Clara has recently considered a general obligation bond to address its mounting infrastructure needs. In 2018, the City considered asking voters to approve an infrastructure bond but elected to wait because the Santa Clara United School District was placing a bond on the same ballot. In November 2018, Santa Clara voters approved Measure BB, providing $720 million for school facilities. Additionally, in 2020, the City was preparing to reactivate its efforts for an infrastructure bond, however, negative economic conditions brought on by COVID-19 caused the City to postpone once again.

Polling Results
During the April 23 and June 4, 2024 City Council meetings, consultants from Tulchin Research presented two rounds of scientific polling surveys. Both surveys were conducted among likely November 2024 general election voters, including newly registered voters and those who have voted in at least one of the past four elections. The initial benchmarking survey took place from April 1 through April 4, and the second survey from May 18 through May 22. Both surveys were offered in English, Chinese, Spanish, and Vietnamese and were conducted by phone to reach a total of 800 City of Santa Clara Printed on 7/12/2024Page 2 of 9
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likely voters.

A majority of voters indicated they felt Santa Clara could benefit from additional investment in public infrastructure, and that they generally support measures that provide local funding to address infrastructure or service needs. The most popular areas for potential funding continue to include (not in ranked order):
· Public safety improvements (upgrades to 9-1-1 emergency, medical, fire, and disaster response);
· Street safety (fixing potholes and making roaders safer for drivers, pedestrians, and bicyclists); and
· Storm drain improvements (repairs to underground stormwater pipes to prevent erosion and sinkholes).

Community Outreach
In addition to the two likely-voter surveys, the consultant team released a Community Mailer Survey to gather additional thoughts from the community using a broad approach. This mailer went out to over 30,000 households and was made available at City facilities. Responses to this community mailer were submitted online via a QR code or as a tear-off survey to be mailed back to the City. This community feedback method received over 800 responses to date consisting of nearly 500 online responses and over 300 mailed back.

To ensure the community has information about the topic, the City has established a dedicated webpage to help voters learn about the potential bond measure and stay up to date with current information being provided. To support voter education, a fact sheet will also be available at City Hall, the Senior Center, the Community Recreation Center, all City libraries, and other City facilities. In addition, the City has shared educational information about the proposed measure on social media.

DISCUSSION
Based on community feedback of voter priorities related to improvements throughout Santa Clara, and to meet the City’s over $600 million in infrastructure needs, staff is recommending that the City Council place a GO bond measure on the November 2024 ballot. Voter polling indicated that the community is equally supportive of either a $598 million or a $298 million bond measure. Because of this and due to the severity of the City’s infrastructure needs, staff is recommending the proposed $598 million bond measure option. As part of the Council presentation, staff will also provide the financial breakdown of a potential bond option for $298 million and is seeking council direction.

If the voters were to approve a $598 million GO bond measure, it would be funded by levying an estimated $29 per $100,000 of assessed property value annually. In this scenario, the property tax bill for each of the largest 20 commercial property owners in Santa Clara would increase by an average of $290,000 per year while a typical homeowner would pay on average an additional $195 per year.

If voters were to approve a $298 million GO bond measure, it would be funded by levying an estimated $16 per $100,000 of assessed property value annually. In this scenario, the property tax bill for each of the largest 20 commercial property owners in Santa Clara would increase by an average of $160,000 per year while a typical homeowner would pay on average an additional $110 per year.

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Voter Approval
Approval of the bond measure requires that 2/3rds of all qualified voters voting on the proposition at the November 2024 election vote in favor. If this threshold is met, the City would have the authority to issue and sell the bonds in one or more series, in the maximum amount determined at tonight’s meeting, and for the objects and purposes set forth in the Ordinance described below.

If issued, the bonds would be general obligations of the City payable from, and secured by, ad valorem taxes levied and collected on taxable property in the City. The revenue generated from the ad valorem taxes would be used solely for the payment of debt service on the bonds and for no other purpose.

Additionally, a measure known as Assembly Constitutional Amendment 10 (ACA 10) was recently placed on the November ballot. ACA 10 formalizes Assembly Constitutional Amendment 1 (ACA1) and would treat cities like K-12 school districts and community colleges, allowing for bonds to pass at a 55% supermajority, subject to certain accountability provisions. The proposed GO bond measure the City is considering to help address infrastructure needs would be written in a manner that meets or exceeds all of the accountability requirements of ACA10, and would be valid under the new rules if ACA10 were to pass statewide in November.

Proposed Ballot Language
California Elections Code Section 9051 requires that a ballot question not exceed 75 words (with the word count determined pursuant to statute) California Elections Code Section 13119 (c) also requires that the statement of the measure “shall be a true and impartial synopsis of the purpose of the proposed measure and shall be in language that is neither argumentative nor likely to create prejudice for or against the measure.”
Based on voter polling, feedback from the City Council, input from the City’s legal counsel, and City infrastructure priorities, the following ballot question is presented below for the City Council’s consideration.

To improve 911 emergency rapid response; fix potholes, repair and improve streets throughout Santa Clara; fix underground stormdrains/pipes to prevent sinkholes; provide safer roads and routes to school for drivers, pedestrians; and repair/maintain safe public facilities; shall the City of Santa Clara’s measure authorizing $598,000,000 in bonds, funded by levying an estimated $29/$100,000 of assessed value while bonds are outstanding, generating approximately $35,000,000 annually, with annual audits and citizen oversight of spending, be adopted?
Yes
No
After Council input at the July 9th meeting, the final ballot question language will be presented for approval in the Resolution Placing the Measure on the Ballot to be considered at the July 16 Council meeting.

Sources of Bond Repayment
If the bond measure were to be approved by voters, any bonds issued would be payable solely from revenues generated by a property tax levy on all taxable property within the City of Santa Clara, City of Santa Clara Printed on 7/12/2024Page 4 of 9
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based on assessed property value. The bonds will not be an obligation of the general fund or any other City revenue source.

The “assessed” value of real property can be very different than its “market value.” “Assessed value” is determined by the County Assessor under Proposition 13 based on the most recent actual sale price of the property, plus up to 2% per year thereafter. “Market value” is what a property could be sold for on the open market at any given time. As a result, property that has been held by one owner for many years that may have a high “market value” is likely to have a significantly lower “assessed value” than a similar property that has recently sold.

Transparency and Accountability
The City’s proposed GO bond measure would incorporate stringent transparency and accountability provisions as outlined in the following Transparency and Accountability Plan (Attachment 4).

Transparency and Accountability Plan

1. Council approval of an Expenditure Plan, including project category areas and related spending amounts, concurrent with placing a bond on the ballot. [Ordinance Section 13(b)(i)]

2. Process for making changes to the Expenditure Plan would require: o Staff recommendation; o Community Oversight Committee review and input; and o Unanimous approval from the City Council. [Ordinance Section 13(b)(ii)]

3. A Community Oversight Committee will be formed to ensure compliance with bond measure requirements. The Committee will consist of nine members selected by a lottery process made up of: o Seven residents; o One small business representative; and o One large business representative. Business representatives shall have experience in budgeting, accounting, finance, and/or audit. Additionally, no business representative shall work for, have previously worked for, or be employed by a firm that provides services to any professional sports teams within the City of Santa Clara.

Business representatives need not be residents but must be an owner or employee of a business headquartered within the City. Members appointed to the Committee shall receive educational training about bonds and fiscal oversight. The role of the Committee shall be to (a) ensure that project implementation is consistent with the bond requirements and the Expenditure Plan, (b) review and report on annual audits, and (c) review and provide recommendations to the City Council on any proposed amendment to the Expenditure Plan. [Ordinance Sections 13(a)(viii) and 13(b)(iv)]

4. Bond expenditures would be subject to independent annual audit with public auditor presentations to the Community Oversight Committee and Council Audit Committee, along with submittal to the State Auditor for review. [Ordinance Sections 13(a)(iv)-(vii) and 13(b)(v)]

5. Strict prohibition on the use of any bond proceeds for: o Levi’s Stadium improvements; o Any projects for the sole benefit of Levi’s Stadium; ando Any projects within the 0.5 miles of Levi’s Stadium, except improvements in existing residential neighborhoods or business districts designed to be of substantial direct benefit to those areas and not Levi’s Stadium; ando For the direct or indirect benefit of any professional sports team [Ordinance Section 13(b)(iii)]

6. Funds could only be used for public infrastructure projects that serve the City of Santa Clara. [Ordinance Section 13(a)(ii)]

7. All bond proceeds are to be deposited into a separate account(s) and tracked on a project-by-project basis to facilitate project oversight and legal compliance audits. [Ordinance Section 13(a)(x)]

8. No money could be used for employee salaries or benefits, with the exception of normal and customary personnel charges for project management and delivery services. Project administrative costs shall not exceed 5% of the proceeds from sale of the bonds. [Ordinance Section 13(a)(i)]

9. Annual public presentation on the Expenditure Plan and Project Status Report to the Community Oversight Committee and the City Council presented by the City Manager, or their designee. [Ordinance Section 13(b)(v)]

10. For projects requiring mail notice, increase the requirement for mail notifications to all properties surrounding bond funded projects from 500 feet to 1,000 feet. [Ordinance Section 13(b)(v)]

11. Communications on bond funded projects: o City webpage conveying status of all bond funded projects; and o Public signage surrounding projects funded by bond proceeds. [Ordinance Section 13(b)(v)]
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Transparency and Accountability Plan

1. Council approval of an Expenditure Plan, including project category areas and related spending amounts, concurrent with placing a bond on the ballot. [Ordinance Section 13(b)(i)]

6. Funds could only be used for public infrastructure projects that serve the City of Santa Clara. [Ordinance Section 13(a)(ii)]

7. All bond proceeds are to be deposited into a separate account(s) and tracked on a project-by-project basis to facilitate project oversight and legal compliance audits. [Ordinance Section 13(a)(x)]

10. For projects requiring mail notice, increase the requirement for mail notifications to all properties surrounding bond funded projects from 500 feet to 1,000 feet. [Ordinance Section 13(b)(v)]

11. Communications on bond funded projects: o City webpage conveying status of all bond funded projects; and o Public signage surrounding projects funded by bond proceeds. [Ordinance Section 13(b)(v)]
Proposed Expenditure Plan
City staff have drafted a proposed Expenditure Plan as part of the City Council presentation for consideration. This plan includes the following category areas:

1. Street Repairs and Transportation

2. Fire Stations and Public Safety

3. Parks and Community Facilities

4. Stormdrain and Flood Protection

5. Other Critical City Infrastructure
Proposed Expenditure Plans and Project Lists for both the $598M and $298M bond scenario amounts are detailed in the attachments (Attachments 5-8).

Community Oversight Committee Structure and Operations
As mentioned in the Transparency and Accountability Plan, staff recommend the Community Oversight Committee include representation from key stakeholders within the community including representation from the residential, small business, and large business sectors. All members of the Community Oversight Committee would be subject to conflict of interest and Brown Act provisions.

Additionally, staff recommends staggered four-year term limits, requirements for background/experience in financial audits for applicants representing the business community, and that process for chair selection be determined with direction from Council. In addition to the provisions included in the bond measure regarding Community Oversight Committee requirements, the creation of the Committee and the details of its operation, would be implemented by ordinance approved by the City Council.

Actions Required to Place the Measure on the November 2024 ballot Three actions are required by the Council to place the bond measure on the November 2024 ballot:

1. At this meeting, consider and approve the Resolution of Necessity and hold the first reading of the bond measure Ordinance. Approval of the Resolution requires a 2/3rds approval by the Council (that is, 5 yes votes).

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2. At the July 16 Council meeting, consider and approve the Resolution Placing the Measure on the Ballot and hold a second reading and adoption of the Ordinance. Adoption of the Ordinance requires a 2/3rds approval by the Council (that is, 5 yes votes). These documents are further described below.

3. If this process is successfully completed by the Council, the final Ordinance and Resolution Placing the Measure on the Ballot would need to be submitted (along with other required documents) to the Santa Clara County Registrar of Voters by the August 9, 2024 deadline for the measure to appear on the November 2024 ballot. The Ordinance and Resolution Placing the Measure on the Ballot will appear in the ballot pamphlet sent to each voter before the election.

Each of these action items are described in more detail, below.

1. Resolution of Necessity
The Resolution of Necessity (Attachment 1), required by California Government Code §43607 to be passed by an affirmative vote of 2/3rd of the Council (this is, at least five Council members).

This Resolution determines that the public interest or necessity demands the acquisition, construction, or completion of the municipal improvements, and that the costs of the improvements will require an expenditure by the City greater than allowed for it by the City’s annual tax levy. The resolution also appoints Public Financial Management, as municipal advisor to the City, and Jones Hall, A Professional Law Corporation as bond counsel for the City for the proposed bond issue. Such services would be provided under the terms of agreements still in effect with such consultants that were originally entered into back in 2020 and 2019 respectively, with updated fee schedules as required, to be approved by the City Manager and the City Attorney.

2. Ordinance
The Ordinance (Attachment 2) includes information required by California Government Code §43610, including the object and purpose of bonds, a description of the improvements to be financed with the proceeds of the bonds, the estimated costs of the improvements of $598 million, and the manner of holding the election.

The improvements described in the Ordinance consist of public infrastructure improvements that include streets and transportation improvements, improvements to public safety facilities, improvements to parks and community facilities, storm drain and flood protection improvements, and improvements to other City facilities.

The Ordinance establishes the maximum principal amount of the bonds, estimates the total costs of the improvements, establishes a maximum interest rate, and establishes the Transparency and Accountability Plan measures described above.

3. Resolution Placing the Measure on the Ballot
The Resolution Placing the Measure on the Ballot would be scheduled for the next regular meeting on July 16, and would be considered for adoption only if the Ordinance is adopted. This resolution sets forth the 75-word ballot question and other procedural details regarding the election, including actions related to authorship of direct and rebuttal arguments for the measure which would appear in the voter information guide.

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Future Issuance of Bonds
If the bond measure is approved by voters, the bonds may be issued in one or more series as needed to pay authorized improvement costs. Timing and amount of each bond issuance will depend on market factors, funding needs to support the plan for construction the improvements, and other factors. The issuance of each series of bonds, and the specific projects to be financed, will subject to express approval by resolution of this Council.

The actual interest rate on each series of bonds will be determined at the time of issuance. As of June 20, 2024, interest rates on general obligation bonds issued by the City, if assigned credit ratings of “AA+” by Standard & Poor’s and “Aa2” by Moody’s Investors Service with level annual payments, would bear estimated interest rates of 4-5% for a 30-year term.

Potential Public Works Charter Amendment
In addition to the potential bond measure, staff is proposing a Charter amendment (Attachment 3) which updates the City’s public works procurement process in a number of ways. The amendment proposes to increase the amount requiring the formal bidding of public works contracts from $1,000 to $250,000. The $1,000 limit was originally set in the 1951 City Charter and has not been increased in over 70 years. Another key change is to expressly authorize the use of the design-build procurement process to streamline construction and implementation of infrastructure improvement projects. Design-build is a project delivery method that combines design and construction services in one contract allowing for a more streamlined and cost-effective process for delivering projects.

Additional proposed amendments differentiate between “major” (above $500,000) and “minor” (at or below $500,000) public works projects for City Council versus City Manager approval purposes and provides for implementation of terms for possible exceptions to formal bidding processes, and special rules for utility projects, if approved by the City Council by ordinance as part of an overall program determined to be in the best interests of the City. Other technical updates are also included. Voter polling shows a voter comfort with amending the City Charter to improve and streamline construction efforts. This will be particularly important if a bond were to pass as the City would be driving various infrastructure projects forward. Staff requests Council provide initial input on the draft Charter amendment. If Council is supportive, staff will finalize the proposed amendment language, develop a formal ballot question, and bring the package back for final Council consideration at the July 16th Council meeting.

Conclusion
Should the City Council decide to place the ballot question on the November 5, 2024 Special Municipal Election ballot, appropriate documentation supporting formal action by the City Council must be received by the Santa Clara County Registrar of Voters no later than August 9, 2024. In order to meet this timeline without having to schedule a meeting, action would need to be taken on the Resolution of Necessity and First Reading of the Ordinance at this meeting.

ENVIRONMENTAL REVIEW
The action being considered does not constitute a “project” within the meaning of the California Environmental Quality Act (“CEQA”) pursuant to CEQA Guidelines section 15378(a) as it has no potential for resulting in either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment.

FISCAL IMPACT
The proposed bonds, if the bond measure is approved by voters, would be payable solely from a property tax levy on all taxable property within the City, which will be based on assessed property City of Santa Clara Printed on 7/12/2024Page 8 of 9
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value. The bonds will not be an obligation of the General Fund or any other City funds.

For the November 2024 election, the cost to place a measure on the ballot is estimated at $118,000 each. Based on the FY 2024/25 elections budget of $420,000 and the estimated cost for the regularly scheduled items to go forward, additional funding of $82,000 would be needed for one measure and $200,000 would be needed for two measures. If the City Council decides to place measure(s) on the ballot, a budget amendment will be brought forward to add funding from the General Fund Budget Stabilization Reserve.

COORDINATION
This report has been coordinated with the Finance Department, the City Attorney’s Office, the City Clerk’s Office, and the City Manager.

PUBLIC CONTACT
Public contact was made by posting the Council agenda on the City’s official-notice bulletin board outside City Hall Council Chambers. A complete agenda packet is available on the City’s website and in the City Clerk’s Office at least 72 hours prior to a Regular Meeting and 24 hours prior to a Special Meeting. A hard copy of any agenda report may be requested by contacting the City Clerk’s Office at (408) 615-2220, email [email protected] <mailto:[email protected]> or at the public information desk at any City of Santa Clara public library.

RECOMMENDATION

1. Adopt the Resolution of Necessity determining necessity to issue bonds.

2. Waive first reading and approve the introduction of an Ordinance ordering the submission of the measure incurring bonded indebtedness for the purpose of the acquisition, construction, and improvement of certain municipal improvement projects to City voters.

3. Provide Direction on a potential Charter Amendment to update the Public Work Section 1310.

Reviewed by: Michelle Templeton, Acting Assistant City Manager Approved by: Jovan D. Grogan, City Manager

ATTACHMENTS

1. Proposed Resolution of Necessity

2. Proposed Ordinance

3. Proposed Amendment to Charter Section 1310 for Contracts on Public Works Projects

4. Proposed Transparency and Accountability Plan

5. Proposed Expenditure Plan for a $598M Bond

6. Proposed Project List for a $598M Bond

7. Proposed Expenditure Plan for a $298M Bond

8. Proposed Project List for a $298M Bond
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Resolution/Determining Necessity for Bond Election Page

RESOLUTION NO. ____

A RESOLUTION OF THE CITY OF SANTA CLARA,

CALIFORNIA, DETERMINING THAT THE PUBLIC INTEREST

AND NECESSITY DEMAND THE ACQUISITION,

CONSTRUCTION AND IMPROVEMENT OF MUNICIPAL

IMPROVEMENT PROJECTS CONSTITUTING PUBLIC

INFRASTRUCTURE OF THE CITY, AND THEIR FINANCING

THROUGH THE ISSUANCE OF GENERAL OBLIGATION
BONDS

OF SANTA CLARA, CALIF ORNIA, ORDERING THE SUBMISSION OF A MEASURE

INCURRING BONDED INDEBTEDNESS TO THE QUALIFIED VOTERS OF THE CITY OF SANTA CLARA AT THE GENERAL MUNICIPAL ELECTION TO BE HELD ON NOVEMBER 5, 2024, FOR THE PURPOSE OF FINANCING THE COST OF THE ACQUISITION,

CONSTRUCTION AND IMPROVEMENT OF CERTAIN MUNICIPAL IMPROVEMENT

PROJECTS CONSTITUTING PUBLIC INFRASTRUCTURE OF THE CITY, SUBJECT TO

ACCOUNTABILITY MEASURES AND COMPLIANCE WITH AN ADOPTED EXPENDITURE PLAN”; and
WHEREAS, in order to finance the Improvements, the City is authorized to call an election for the purpose of incurring a bonded indebtedness and to authorize the issuance of bonds to finance the Improvements, which constitute public infrastructure of the City pursuant to certain provisions of the California Constitution, including Article XIIIA and any amendments thereto approved at the November Resolution/Determining Necessity for Bond Election Page

5, 2024 election, the California Government Code, including Article 1 of Chapter 4 of Division 4 of Title 4 (commencing with Section 43600) and Article 4.5 of Chap ter 3 of Part 1 of Division 2 of Title 5 (commencing with Section 53506) (collectively, the “Bond Law”); and WHEREAS, the City intends to issue its general obligation bonds (the “Bonds”) under and pursuant to the Bond Law to finance the cost of the acquisition and construction of the Improvements; and WHEREAS, in order to initiate proceedings under the Bond Law to provide for the issuance of general obligation bonds, the City Council of the City (the “City Council”) must make certain findings and determi nations; and
WHEREAS, United States Income Tax Regulations section 1.150-2 provides generally that proceeds of tax-exempt debt are not deemed to be expended when such proceeds are used for reimbursement of expenditures made prior to the date of issuance of such debt unless certain procedures are followed, one of which is a requirement that (with certain exceptions), prior to the payment of any such expenditure, the issuer declares an intention to reimburse such expenditure.

NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF SANTA CLARA AS FOLLOWS:

1. Recitals Correct. The foregoing recitals are true and correct.

2. Necessity. The public interest and necessity demand, and it is the intention of the City Council to require, the acquisition, construction and improvement of the Improvements, and to issue the Bonds to finance the cost thereof, subject to completion of the proceedings required by the Bond Law.

3. Findings. The City Council hereby finds and determines that the estimated costs of the Improvements will require an expenditure by the City greater than the amount allowed for it by the annual tax levy of the City. The principal amount of the Bonds will not exceed the estimated cost of the Improvements.

4. Authority. This Resolution is adopted, and the Bonds will be issued, if approved by the qualified voters voting on the issuance of the Bonds, pursuant to the Bond Law or any implementing legislation.

5. Reimbursement Declaration. The City Council hereby declares that the City may pay c ertain Resolution/Determining Necessity for Bond Election Page

costs of the projects authorized by the proposed bond measure prior to the date of issuance of the Bonds and, in such case, intends to use a portion of the proceeds of the Bonds for reimbursement of expenditures for the projects that are paid before the date of issuance of the Bonds.

6. Engagement of Professional Services. The City hereby confirms the appointment of Jones Hall, A Professional Law Corporation, a nationally recognized bond counsel firm, to serve as bond counsel , and Public Financial Management to serve as municipal advisor, in connection with the bond election and, if successful, subsequent bond issuances.

7. Adoption; Effective Date. This Resolution must be adopted by two-thirds of all members of the City Council and, when adopted, shall take effect immediately.

I HEREBY CERTIFY THE FOREGOING TO BE A TRUE COPY OF A RESOLUTION PASSED

AND ADOPTED BY THE CITY OF SANTA CLARA, CALIFORNIA, AT A REGULAR MEETING THEREOF HELD ON THE ___ DAY OF _________, 2024, BY THE FOLLOWING VOTE:

AYES: COUNCILORS:

NOES: COUNCILORS:

ABSENT: COUNCILORS:

ABSTAINED: COUNCILORS:

ATTEST:

NORA PIMENTEL, MMC

ASSISTANT CITY CLERK

CITY OF SANTA CLARA

Ordinance/Calling Bond Election Page

ORDINANCE NO. ____

AN ORDINANCE OF THE CITY OF SANTA CLARA,

CALIFORNIA, ORDERING THE SUBMISSION OF A MEASURE

INCURRING BONDED INDEBTEDNESS TO THE QUALIFIED

VOTERS OF THE CITY OF SANTA CLARA AT THE GENERAL
MUNICIPAL ELECTION TO BE HELD ON NOVEMBER 5, 2024,

FOR THE PURPOSE OF FINANCING THE COST OF THE

ACQUISITION, CONSTRUCTION AND IMPROVEMENT OF

CERTAIN MUNICIPAL IMPROVEMENT PROJECTS

CONSTITUTING PUBLIC INFRASTRUCTURE OF THE CITY ,

SUBJECT TO ACCOUNTABILITY MEASURES AND

COMPLIANCE WITH AN ADOPTED EXPENDITURE PLAN

WHEREAS, the C ity of Santa Clara (the “C ity”) is a municipal corporation and charter city duly organized and existing under the Constitution and laws of the State of California; and WHEREAS, the City desires to undertake certain public infrastr ucture improvements for the City consisting of streets and transportation improvements, improvements to public safety facilities, improvements to parks and community facilities, storm drain and flood collection improvements, and improvements to other City facilities, as more particularly described below (collectively, the “Improvements”); and
WHEREAS, the City is authorized to call an election for the purpose of incurring bonded indebtedness and to authorize the issuance of bonds to finance the Improvements, which constitute public infrastructure of the City, pursuant to certain provisions of the California Constitution, including Article XIIIA, the California Government Code, including Article 1 of Chapter 4 of Division 4 of Title 4 (commencing with Section 43600) and Article 4.5 of Chapter 3 of Part 1 of Division 2 of Title 5 (commencing with Section 53506) (collectively, the “Bond Law”); and WHEREAS, the City intends to issue its general obligation bonds (the “Bonds”) under and pursuant to the Bond Law to finance the cost of the acquisition and construction of the Improvements; and WHEREAS, under existing law, approval of the Bonds requires 2/3 rds of the voters in the City voting on the measure to vote in favor of the measure ; and Ordinance/Calling Bond Election Page

WHEREAS, Assembly Constitutional Amendment No. 1 (“ACA1”) has qualified for the November 5, 2024 Statewide ballot and would, among other things, change existing law to authorize a city, county, city and county, or special district to levy an ad valorem tax to servi ce bonded indebtedness incurred to fund the construction, reconstruction, rehabilitation, or replacement of public infrastructure if the measure proposing that tax is approved by 55% of the voters of the city, county, city and county, or special district, as applicable, and the measure includes specified accountability requirements; and
WHEREAS, the foregoing constitutional amendments effectuated by ACA1, if approved at the November 5, 2024 Statewide ballot, would apply to any measure authorizing general obligation bonds of a city that is submitted at the same election as the Voter Approval Ballot Measure ; and WHEREAS, the measure to approve the Bonds is intended to and will comply with all the provisions of ACA1, including all of its accountability requir ements, so that, if ACA1 is approved on November 5, 2024, approval of the Bonds shall require that 55% (not 2/3rds) of the voters in the City voting on the measure vote in favor of the measure; and
WHEREAS, if the ballot measure authorizing issuance of the Bonds is approved by the requisite number of affirmative votes, the City will be authorized to issue the Bonds.

NOW, THEREFORE, BE IT FURTHER ORDAINEDBY THE CITY OF SANTA CLARA AS FOLLOWS:

1. Recitals Correct. The foregoing recitals are true and correct.

2. Purpose and Intent. Pursuant to the authority provided by the California Government Code and California Elections Code, the purpose and intent of this Ordinance is to authorize and direct the submittal to the qualified voters of the City at the general municipal election to be held on November 5, 2024, of a measure authorizing the City to issue general obligation bonds (the “Bonds”) for the purpose of financing the Improvements on the terms set forth below.

3. Findings. The City Council hereby makes the following findings with respect to the proposed Ordinance/Calling Bond Election Page

measure for the Bonds:
(i) On July 9, 2024, the City Council adopted, by a two -thirds vote of all its members, a resolution entitled “A Resolution of the City Council of the City of Santa Clara, California, Determining that the Public Interest and Necessity Demand the Acquisition, Construction and Improvement of Municipal Improvement Projects Constituting Public Infrastructure of the City, and Their Financing Through the Issuance of General Obligation Bonds,” pursuant to which the City Council has found and determined that the public interest and necessity demand the issuance of general obligation bonds to finance the Improvements, which are municipal improvement projects constituting public infrastructure of the City. (ii) In order to provide for the issuance by the City of general obligation bonds to provide financing for the Improvements, it is necessary for the City Council to adopt an ordinance ordering the submission of the measure of incurring bonded indebtedness for such purpose to the qualified voters of the City at a municipal election.
(iii) The City Council desires to submit said ballot measure to the qualified voters of the City at the regular election to be hel d in the City on November 5, 2024, and to consolidate the bond election with other elections held within the City on that date , by a resolution adopted after the adoption of this Ordinance pursuant to California Elections Code Section 10403 (the “Resolution Calling Election”).

4. Call for Election. The City Council hereby orders that there be submitted to the qualified voters of the City, pursuant to the Resolution Calling Election, a measure on incurring bonded indebtedness for the purposes set forth in this Ordinance, at the regular election to be held on November 5, 2024.

5. Ballot Measure. The City Council hereby submits to the qualified voters of the City, at the regular election to be held on November 5, 2024, a measure on issuing the Bonds. The statement of the measure shall be in substantially the form set forth in the resolution of the City placing the measure on the ballot.

6. Object and Purpose of Bonds. The object and purpose of the Bonds is to finance some or al l of Ordinance/Calling Bond Election Page

the costs of the Improvements . The Improvements are more particularly described in that certain Expenditure Plan (“Expenditure Plan”) to be attached as Exhibit A to this Ordinance, which shall be approved by the City Council by separate Resolution and presented to the voters as part of the measure for the Bonds.

The authorized Improvements will include all work, facilities and expenditures necessary and incidental to the Improvements described in the Expenditure Plan. Examples of such work, facilit ies, and expenditures include, but are not limited to: costs of design, engineering, architect and other professional services, inspections, site preparation, utilities, landscaping, construction management and other planning and permitting, legal, account ing and similar costs; a customary construction contingency; demolition and disposal of existing structures; rental or construction of storage facilities and other space on an interim basis for materials and other equipment and furnishings displaced during construction; addressing unforeseen conditions revealed by construction or renovation, and other necessary improvements required to comply with existing building codes and other applicable law, including the Americans with Disabilities Act; costs of the b ond election; bond issuance costs; project administration during the duration of such projects , including reimbursement of City staff time ; and financing and interest costs on the Bonds.

The final costs, locations, designs, layouts and other components of the Improvements will be determined as plans are finalized, construction bids are awarded, and projects are completed. Therefore, the City Council cannot guarantee that the Bonds will provide sufficient funds to allow completion of all needed Improvements.

7. Estimated Cost of Improvements . The estimated cost of the Improvements is $[ 598,000,000].

The estimated cost includes legal or other fees, the costs of printing the Bonds, and other costs and expenses incidental to or connected with the authorization, issuance and sale of the Bonds. To the extent the Improvements financed are revenue-producing public works, the cost of the Improvements may also include bond interest estimated to accrue during the construction period and for a period of not to exceed Ordinance/Calling Bond Election Page

12 months after completion of construction.

8. Principal Amount of Bonds . The aggregate principal of the Bonds shall not exceed $[598,000,000.00].

9. Maximum Interest Rate . The maximum rate of interest to be paid on the Bonds shall be the statutory maximum of 12% per annum. Said interest shall be payable semiannually, except that interest for the first year after the date of the Bonds may be made payable at the end of said year. The actual interest rates of each series of the Bonds will be determined at the time of each respective Bond sale.

10. Issuance and Sale of Bonds. The City proposes to issue and sell the Bonds pursuant to Article 1, commencing with Section 43600, of Chapter 4 of Division 4 of Title 4 of the California Government Code, or Article 4.5, commencing with Section 53506, of Chapter 3 of Part 1 of Division 2 of Title 5 of the California Government Code, in one or more series, in the maximum amount and for the objects and purposes set forth above if the requisite number of qualified voters v oting on the measure vote in favor thereof. The Bonds will be general obligations of the City payable solely from and secured by ad valorem taxes levied and collected in the manner prescribed by the laws of the State of California , and not from the general fund or other funds of the City . The revenue generated from the ad valorem tax levied and collected will be used for the payment of debt service on the Bonds. All of the Bonds shall be equally and ratably secured, without priority, by the taxing power of the City.

11. Manner of Conducting Election. The election on the Bonds held on November 5, 2024 shall be held and conducted, election officers appointed, voting precincts designated, ballots printed, polls opened and closed, ballots counted, and returned, returns canvassed, results declared, and all other proceedings incidental to and connected with the election shall be regulated and done in accordance with the Resolution Calling Election and the provisions of California law regulating the election with which it is consolidated.

on the ballot, in accordance with procedures to be adopted by the authoriz ed officers of the County of Santa Clara (the “County”) charged with conducting the election.

13. Transparency and Accountability Requirements.
(a) In order to comply with ACA1 and Sections 53410 and 53411 of the California Government Code, the City Council hereby adopts the following accountability requirements relating to the Bonds (the “State Accountability Requirements”):
(i) The proceeds from the sale of the Bonds shall be used only for the purposes specified in this Ordinance, and not for any other purpose, including City employee salaries (other than for reimbursement of staff costs incurred in providing normal and customary project management and delivery services for the Improvements (“Project Related Administrative Costs”)), and other operating expenses. The administrative cost of the City for the Improvements, including any and all Project Related Administrative Costs, shall not exceed 5% of the proceeds from the sale of the Bonds.
(ii) The proceeds from the sale of the Bonds shall only be spent on projects and programs that serve the jurisdiction of the City.
(iii) This Ordinance shall be the ordinance through which projects will be funded and the City hereby certifies that it has evaluated alternative funding sources. (iv) The City shall conduct an annual, independent performance audit to ensure that the Bond funds are expended pursuant to this Ordinance.
(v) The City shall conduct an annual, independent financial audit of the proceeds from the sale of the Bonds until all of those proceeds have been expended for the public infrastructure authorized by this Ordinance.
(vi) The City shall post the audits required by clauses (iv) and (v) in a manner that is easily accessible to the public.
(vii) The City shall submit the audits required by clauses (iv) and (v) to the California State Ordinance/Calling Bond Election Page

Auditor for review.
(viii) The City shall appoint a citizens’ oversight committee (the “Bond Compliance COC”) to ensure that Bond proceeds are expended only for the purposes described in the measure approved by the voters. Members appointed to the Bond Compliance COC shall receive educational training about bonds and fiscal oversight.
(ix) Any entity owned or controlled by a member of the City Council shall be prohibited from bidding on any work funded by the measure.
(x) A separate account shall be created and held by the City, into which the proceeds of the Bonds shall be deposited and applied solely for the Improvements. Expenditures shall be tracked on a project by project basis to facilitate project oversight and compliance audits. (xi) The City’s Director of Finance shall file a report with the City Council at least annually showing the amou nt of Bond proceeds collected and expended, and the status of the Improvements.

The provisions of ACA1 are hereby incorporated by reference in this Ordinance. The City Council hereby declares its intent that this Ordinance and the accountability measure s contained herein shall comply with ACA1 and any and all other statutory or other requirements determined to be required for compliance with ACA1.
(b) In addition to the State Accountability Requirements, t he City Council hereby adopts the following local accountability and transparency requirements relating to the Bonds and the use of Bond proceeds (“Local Accountability Requirements”):
(i) Expenditure Plan Requirements. Bond proceeds shall only be used on Improvements in strict accordance with the terms of the adopted Expenditure Plan, as it may be amended from time to time subject to the requirements of Section 13(b)(ii), below. (ii) Required Process for Amending Expenditure Plan . City staff shall review, analyze and make a recommendation on any proposed substantive amendment to the Expenditure Plan Ordinance/Calling Bond Election Page

(“Amendment”). Prior to City Council consideration, any such proposed Amendment shall first be submitted to the Bond Compliance COC for their review and recommendation. Any proposed Amendment shall require the unanimous approval of the City Council.. (iii) Prohibited Uses. In no event shall Bond proceeds may be used for ( I) improvements to Levi’s Stadium; ( II) any Improvements projects for the sole benefit of Levi’s Stadium; (III ) Improvements projects within .05 miles of Levi’s S tadium, except Improvements in existing residential neighborhoods or business districts designed to be of substantial direct benefit to those areas and not Levi’s Stadium; or ( IV) the direct or indirect benefit of any professional sports team.
(iv) Additional Terms for the Bond Compliance COC . The Bond Compliance COC shall consist of 9 members selected by a lottery process. The committee shall include seven residents, one large business representative, and one small business representative (neither of which must be residents, but both must be either an owner or employee of a business headquartered within the City). Additionally, no business representative shall work for, have previously worked for, or be employed by a firm that provides services to any professional sports teams within the City.

The role of the Bond Compliance Committee shall be to ( I) ensure that project implementation is consistent with all Bond measure requirements, including the terms of the Expenditure Plan; (II) review and report on annual audits, and (III) review and provided recommendations to the City Council on any proposed amendment to the Expenditure Plan. (v) Communications Program. There shall be a Bond measure communications program to enhance accountability and transparency including, at a minimum, the following elements: ( I) requirement for an annual public presentation on the Expenditure Plan and the statu s of the implementation of Improvements projects to the Bond Compliance COC and the City Council presented by the City Manager; ( II) requirements for an annual presentation of the independent annual audit(s) required in Section 13(b) above to the COC and the Council Audit Committee; Ordinance/Calling Bond Election Page

(III) status of all Bond funded projects to be communicated on the City’s webpage; and ( IV) notice of all proposed Improvements projects to residents within 1,000 feet of such project(s), with public signage providing further information at the project site(s).

14. Identification of Tax. The tax imposed by this measure is an ad valorem tax levied upon taxable property in the City, and will be used to pay the principal and interest on the Bonds.

15. Official Actions. The Mayor, the City Manager, the Director of Finance, the City Clerk, and any of their designees, are hereby authorized to execute any documents and to perform all acts necessary to place the Bond measure on the ballot.

16. Interpretation. The provisions of this Ordinance, being necessary for the health, welfare, and safety of the City and its residents, is to be liberally interpreted to carry out its purposes. No error, irregularity or informality, and no neglect or omission of any officer, in any proceeding taken related to the submission of the measure incurring bonded indebtedness to the qualified voters of the City shall void or invalidate any such proceeding, any Bonds issued by the City or any levy of ad valorem taxes to pay principal of and interest on the Bonds.

17. Severability. If any provision of this Ordinance or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect any other provisions or applications, and to this end the provisions this Ordinance are declared to be severable.

18. Publication of Ordinance. The City Clerk shall cause the proposed ordinance to be posted at least three (3) days prior to its adoption in three (3) public places in the City and at least three (3) days prior to the ordinance adoption shall cause a single publication in an official newspaper. In accordance with Section 43611 of the California Government Code, this Ordinance shall also be published once a day for at least seven days in a newspaper published at least six days a week in the City, or once a week for two weeks in a newspaper published less than six days a week in the City. The first of said publications shall, in either event, be within 15 days after the adoption of this Ordinance. No other notice need be given.

19. Adoption; Effective Date. This Ordinance must be adopted by two-thirds of all members of the Ordinance/Calling Bond Election Page

City Council. When adopted, in accordance with Section 36937(a) of the California Government Code, this Ordinance shall become effective immediately, as an ordinance relating to an election.

I HEREBY CERTIFY THE FOREGOING TO BE A TRUE COPY OF A RESOLUTION PASSED

AND ADOPTED BY THE CITY OF SANTA CLARA, CALIFORNIA, AT A REGULAR MEETING THEREOF HELD ON THE ___ DAY OF _________, 2024, BY THE FOLLOWING VOTE:

AYES: COUNCILORS:

NOES: COUNCILORS:

ABSENT: COUNCILORS:

ABSTAINED: COUNCILORS:

ATTEST:

NORA PIMENTEL, MMC

ASSISTANT CITY CLERK

CITY OF SANTA CLARA

Attachment: Exhibit A – Expenditure Plan
Ordinance/Calling Bond Election Page

EXHIBIT A

EXPENDITURE PLAN

Exhibit A
Charter Amendment Measure
Proposed Additions Shown as Underline
Proposed Deletions Shown as Strikethrough

DRAFT
July 5, 2024

Section 1. Section 1310 of the Charter of the City of Santa Clara, entitled “Contracts on public works”, is amended and restated to read in its entirety as follows:

Sec. 1310 Contracts on public works.

Every contract involving an expenditure of more than one two hundred fifty thousand dollars ($1,000.00250,000) for the construction or improvement, (excluding maintenance and repair), of public buildings, works, streets, drains, sewers, utilities, parks and playgrounds (“Public Works Projects”) shall be let to the lowest responsive and responsible bidder after notice by publication in an official newspaper by one or more insertions, the first of which shall be at least ten days before the time for opening bids.

“Major Public Works Projects,” defined as projects estimated to cost greater than $500,000, shall be subject to approval by the City Council. “Minor Public Works Projects” defined as projects estimated to cost $500,000 or less shall be subject to approval by the City Manager.

The City Council or the City Manager, whichever is the approving authority, may reject any and all bids presented and may re-advertise in its discretion.

The City Council Such approving authority, without advertising for bids, or after rejecting bids, or if no bids are received, may declare and determine that, in its opinion, the work in question may be performed better or more economically by the City with its own employees and, upon such determination, the City after the adoption of a resolution to this effect by at least four affirmative votes, it may proceed to have said work done in the manner stated, without further observance of the provisions of this section. Such contracts likewise may be let without advertising for bids, if such work shall be deemed by the City Council approving authority to be of urgent necessity for the preservation of life, health or property, and shall be authorized by motion passed by at least four affirmative votes and containing a declaration of the facts constituting such urgency.

The City Council may adopt an ordinance to implement the terms of this Section. Such ordinance may include limited exceptions to the bid solicitation and award provisions set forth above, including special procurement rules for utility projects; provided, however, that any such exception(s) or special rule(s) shall be implemented as part of a City-wide policy or program determined to be in the best overall interests of the City.

Notwithstanding any provisions of this Charter to the contrary, the City may also employ a design-build process for the procurement of Public Works projects. A “design-build process” shall mean a process in which the design and construction of a Public Works Project are procured from a single entity. Prior to employing the design-build process, the City Council shall, by ordinance, establish solicitation and procurement procedures and standards to solicit, qualify, evaluate and select design-build proposals.

The provisions of this section of the Charter, and any and all provisions of City ordinances that are consistent and adopted in connection herewith, shall supersede any and all inconsistent state laws or regulations that may otherwise be applicable to the City’s public works procurement processes.

City Transparency and Accountability Plan

Potential November 2024 City General Obligation Bond Measure Based on community priorities from voter polling and community outreach, and to meet the City’s $624 M infrastructure needs, staff recommend that the City Council place a General Obligation (GO) bond measure on the November 2024 ballot. Voter polling indicates that the community is equally supportive of either a $598 M bond measure or a $298 M bond measure. Because of this voter willingness, and the significant infrastructure needs in Santa Clara, staff is recommending the proposed $598 M bond measure option. The proposed bond would be up to $598 M. In a $598 M scenario, the bond would be funded by leveraging up to an estimated $29 per $100,000 of assessed (not market) property value.

As part of the Council presentation, staff will also present the financial breakdown of a potential bond option for $298 M and is seeking council direction.

Transparency and Accountability
Both community and City Council feedback included guidance on developing a Transparency and Accountability Plan as part of the proposed bond measure. The City’s proposed GO bond measure would incorporate stringent transparency and accountability provisions as outlined in the following Transparency and Accountability Plan. Additionally, all components of the City’s Accountability and Transparency Plan will meet all requirements for ACA 10.

Transparency and Accountability Plan

1. Council approval of an Expenditure Plan, including project category areas and related spending amounts, concurrent with placing a bond on the ballot. [Ordinance Section 13(b)(i)]

2. Process for making changes to the Expenditure Plan would require:
o Staff recommendation;
o Community Oversight Committee review and input; and
o Unanimous approval from the City Council. [Ordinance Section 13(b)(ii)]

Business representatives shall have experience in budgeting, accounting, finance, and/or audit. Additionally, no business representative shall work for, have previously worked for, or be employed by a firm that provides services to any professional sports teams within the City of Santa Clara. Business representatives need not be residents but must be an owner or employee of a business headquartered within the City. Members appointed to the Committee shall receive educational training about bonds and fiscal oversight.

The role of the Committee shall be to (a) ensure that project implementation is consistent with the bond requirements and the Expenditure Plan, (b) review and report on annual audits, and (c) review and provide recommendations to the City Council on any proposed amendment to the Expenditure Plan. [Ordinance Sections 13(a)(viii) and 13(b)(iv)]

Transparency and Accountability Plan

5. Strict prohibition on the use of any bond proceeds for:
o Levi’s Stadium improvements;
o Any projects for the sole benefit of Levi’s Stadium; and o Any projects within the 0.5 miles of Levi’s Stadium, except improvements in existing residential neighborhoods or business districts designed to be of substantial direct benefit to those areas and not Levi’s Stadium; and
o For the direct or indirect benefit of any professional sports team [Ordinance Section 13(b)(iii)]

6. Funds could only be used for public infrastructure projects that serve the City of Santa Clara. [Ordinance Section 13(a)(ii)]

7. All bond proceeds are to be deposited into a separate account(s) and tracked on a project- by-project basis to facilitate project oversight and legal compliance audits. [Ordinance Section 13(a)(x)]

10. For projects requiring mail notice, increase the requirement for mail notifications to all properties surrounding bond funded projects from 500 feet to 1,000 feet. [Ordinance Section 13(b)(v)]

Proposed General Obligation Bond Expenditure Plan
$598 Million Bond Measure
Category
Proposed Dollar
Amount Proposed Project Areas
Street Repairs and
Transportation
125,000,000 - Pavement Maintenance and Rehabilitation
- Safe Routes to School
- Pedestrian, Bicycle, and Driver Safety Improvements
- ADA Improvements
- Sidewalk, Curb and Gutter Improvements
- Median Island Improvements
Fire Stations and Public
Safety
175,000,000 - Fire Station Replacements and Renovations - Police Training and Emergency Operations Center/
Disaster Response
- Fire Training Tower Renovation
- Stationary Emergency Generators
Parks and Community
Facilities
150,000,000 - Playground Rehabilitations
- Park Renovations
- Senior Center/Community Center Renovations
- Aquatic Facilities Renovations
- Library Improvements
Stormdrain and Flood
Protection
100,000,000 - Stormdrain System Improvements
- Storm Water Retention Basin Remediation
- Green Stormwater Infrastructure Design/Construction
- Pump Stations Rehabilitations
Other Critical City
Infrastructure
45,000,000 - ADA Transition Plan Implementation (Public Buildings) - Historic Building Renovations
- City Hall Improvements
- Public Parking Lot Improvements
- Energy Efficiency Renovations
Bond Issuance Cost 3,000,000
Total $598,000,000
Potential General Obligation Bond – Proposed Projects
($598 Million Measure)
Proposed Projects
Proposed
Amount
Street Repairs and Transportation
1235 - Street Resurfacing and Rehabilitation Program 50,000,000 ADA Transition Plan Implementation (Public Right of Way) 25,000,000 Safe Routes to School/Bike/Ped/Driver Safety 15,000,000 1382 - Sidewalk, Curb and Gutter Improvements 3,000,000 1248 - Pruneridge Avenue Complete Streets Plan 2,950,000 1203 - Creek Trail Rehabilitation Program 2,500,000
1325 - Bridge Improvements Program 2,170,000
1270 - Public Alley Pavement Rehabilitation 2,060,000
Median Island Improvements 1,700,000
1269 - Bicycle Route Wayfinding - Phase I 300,000
Contingency/Escalation 20,320,000
Street Repairs and Transportation Total $125,000,000
Fire Stations and Public Safety
Fire Station 1 and Fire Headquarters Building Renovation 50,000,000 Police Training and Emergency Operations Center/Disaster Response 50,000,000 6186 - Fire Station 5 Replacement 28,175,000
Fire Station Renovations (e.g., Fire Stations 7 and 9 over 50 years old) 10,000,000 6158 - Stationary Emergency Generators 5,000,000
Fire Station 1 and 8 Security Upgrades 1,910,000
4070 - Training Tower Renovation 783,000
Contingency/Escalation 29,132,000
Fire Stations and Public Safety Total $175,000,000
Parks and Community Facilities
Aged Parks and Buildings Infrastructure in Critical/Poor Condition (2018 Facility Condition Assessment Report)
63,843,000
Aquatic Facilities Renovations 43,850,000
3195 - Henry Schmidt Park Playground Rehabilitation 4,325,000 3187 - Bowers Park Roof/Building Replacement 4,250,000
3137 - Warburton Park Playground Rehabilitation 3,000,000 3131 - Earl Carmichael Park Playground Rehabilitation 2,892,000 3190 - Mary Gomez Park Rehabilitation 2,530,000
Central Park Library Improvements 501,000
Mission Branch Library - HVAC Replacement 20,000
Contingency/Escalation 24,789,000
Parks and Community Facilities Total $150,000,000
Potential General Obligation Bond – Proposed Projects
($598 Million Measure)
Proposed Projects
Proposed
Amount
Stormdrain and Flood Protection
1834 - Stormdrain System Improvements 61,465,000
1837 - Storm Water Retention Basin Remediation 9,209,000 Green Stormwater Infrastructure Design & Construction 6,645,000 1843 - Lafayette St. Underpass at Subway Pump Station 4,946,000 Bowers Ave Underpass SDPS Rehabilitation 2,030,000
1838 - SDPS Motor and Control Replacement 347,000
1835 - Stormdrain Pump Station Outfall Reconstruction Program 250,000 1831 - Stormdrain Renovations 150,000
Contingency/Escalation 14,958,000
Stormdrain and Flood Protection Total $100,000,000
Other Critical City Infrastructure
6138 - Modifications to City Buildings 12,000,000
6184 - ADA Transition Plan Implementation (Public Buildings) 8,250,000 6148 - City Hall HVAC Rehabilitation Project 6,282,000
6139 - Renovations to Historic Buildings 6,000,000
Energy Efficiency Improvements 3,200,000
6140 - Triton Museum Improvements and Roof Replacement 987,000 City Buildings Improvements 500,000
6123 - Public Building Parking Lot Improvements 400,000 Contingency/Escalation 7,381,000
Other Critical City Infrastructure Total $45,000,000
Bond Issuance Cost $3,000,000
Total $598,000,000
Proposed General Obligation Bond Expenditure Plan
$298 Million Bond Measure
Category
Proposed Dollar
Amount Proposed Project Areas
Street Repairs and
Transportation
75,000,000 - Pavement Maintenance and Rehabilitation
- Safe Routes to School
- Pedestrian, Bicycle, and Driver Safety Improvements
- ADA Improvements
- Sidewalk, Curb and Gutter Improvements
- Median Island Improvements
Fire Stations and Public
Safety
75,000,000 - Fire Station Replacements and Renovations
- Police Training and Emergency Operations Center/
Disaster Response
- Fire Training Tower Renovation
- Stationary Emergency Generators
Parks and Community
Facilities
75,000,000 - Playground Rehabilitations
- Park Renovations
- Senior Center/Community Center Renovations
- Aquatic Facilities Renovations
- Library Improvements
Stormdrain and Flood
Protection
50,000,000 - Stormdrain System Improvements
- Storm Water Retention Basin Remediation
- Green Stormwater Infrastructure Design/Construction
- Pump Stations Rehabilitations
Other Critical City
Infrastructure
21,500,000 - ADA Transition Plan Implementation (Public Buildings) - Historic Building Renovations
- Improvements to City Buildings / City Hall
Bond Issuance Cost 1,500,000
Total $298,000,000
Potential General Obligation Bond – Proposed Projects
($298 Million Measure)
Proposed Projects
Proposed
Amount
Street Repairs and Transportation
1235 - Street Resurfacing and Rehabilitation Program 32,000,000 ADA Transition Plan Implementation (Public Right of Way) 8,494,000 Safe Routes to School/Bike/Ped/Driver Safety 8,000,000
1248 - Pruneridge Avenue Complete Streets Plan 2,950,000 1382 - Sidewalk, Curb and Gutter Improvements 2,730,000 1325 - Bridge Improvements Program 2,170,000
1270 - Public Alley Pavement Rehabilitation 2,060,000
1203 - Creek Trail Rehabilitation Program 1,900,000
Median Island Improvements 1,700,000
1269 - Bicycle Route Wayfinding - Phase I 300,000
Contingency/Escalation 12,696,000
Street Repairs and Transportation Total $75,000,000
Fire Stations and Public Safety
6186 - Fire Station 5 Replacement 28,175,000
Fire Station Renovations (e.g., Fire Stations 1, 7, 9 over 50 years old) 17,000,000 Police Training and Emergency Operations Center/Disaster Response 9,000,000 6158 - Stationary Emergency Generators 7,705,000
4070 - Training Tower Renovation 783,000
Contingency/Escalation 12,337,000
Fire Stations and Public Safety Total $75,000,000
Parks and Community Facilities
Aged Parks, Buildings, and Aquatics Infrastructure in Critical/Poor Condition (2018 Facility Condition Assessment Report)
45,182,000
3195 - Henry Schmidt Park Playground Rehabilitation 4,325,000 3187 - Bowers Park Roof/Building Replacement 4,250,000
3137 - Warburton Park Playground Rehabilitation 3,000,000 3131 - Earl Carmichael Park Playground Rehabilitation 2,892,000 3190 - Mary Gomez Park Rehabilitation 2,530,000
Central Park Library Improvements 501,000
Mission Branch Library - HVAC Replacement 20,000
Contingency/Escalation 12,300,000
Parks and Community Facilities Total $75,000,000
Potential General Obligation Bond – Proposed Projects
($298 Million Measure)
Proposed Projects
Proposed
Amount
Stormdrain and Flood Protection
1834 - Stormdrain System Improvements 17,765,000
1837 - Storm Water Retention Basin Remediation 9,209,000 Green Stormwater Infrastructure Design & Construction 6,645,000 1843 - Lafayette St. Underpass at Subway Pump Station 4,946,000 Bowers Ave Underpass SDPS Rehabilitation 2,030,000
1838 - SDPS Motor and Control Replacement 347,000
1835 - Stormdrain Pump Station Outfall Reconstruction Program 250,000 1831 - Stormdrain Renovations 150,000
Contingency/Escalation 8,658,000
Stormdrain and Flood Protection Total $50,000,000
Other Critical City Infrastructure
6184 - ADA Transition Plan Implementation (Public Buildings) 8,250,000 6138 - Modifications to City Buildings 6,500,000
6139 - Renovations to Historic Buildings 2,000,000
6140 - Triton Museum Improvements and Roof Replacement 986,800 Contingency/Escalation 3,763,200
Other Critical City Infrastructure Total $21,500,000
Bond Issuance Cost $1,500,000
Total $298,000,000
Ordinance/Calling Bond Election Page 1 of 14

ORDINANCE NO. 2069

AN ORDINANCE OF THE CITY OF SANTA CLARA,

CALIFORNIA, ORDERING THE SUBMISSION OF A

MEASURE INCURRING BONDED INDEBTEDNESS TO

THE QUALIFIED VOTERS OF THE CITY OF SANTA

CLARA AT THE GENERAL MUNICIPAL ELECTION TO BE
HELD ON NOVEMBER 5, 2024, FOR THE PURPOSE OF

FINANCING THE COST OF THE ACQUISITION,

CONSTRUCTION AND IMPROVEMENT OF CERTAIN

MUNICIPAL IMPROVEMENT PROJECTS CONSTITUTING

PUBLIC INFRASTRUCTURE OF THE CITY , SUBJECT TO

ACCOUNTABILITY MEASURES AND COMPLIANCE WITH

AN ADOPTED EXPENDITURE PLAN

WHEREAS, the City of Santa Clara (the “City”) is a municipal corporation and charter city duly organized and existing under the Constitution and laws of the State of California; WHEREAS, the City desires to undertake certain public infrastructure improvements for the City consisting of streets and transportation improvements, improvements to public safety facilities, improvements to parks and community facilities, storm drain and flood collection improvements, and improvements to other City facilities , as more particularly described below (collectively, the “Improvements”);
WHEREAS, the City is authorized to call an election for the purpose of incurring bonded indebtedness and to authorize the issuance of bonds to finance the Improvements, which constitute public infrastructure of the City, pursuant to certain provisions of the California Constitution, including Article XIIIA, the California Government Code, including Article 1 of Chapter 4 of Divis ion 4 of Title 4 (commencing with Section 43600) and Article 4.5 of Chapter 3 of Part 1 of Division 2 of Title 5 (commencing with Section 53506) (collectively, the “Bond Law”);
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WHEREAS, the City intends to issue its general obligation bonds (the “Bonds”) under and pursuant to the Bond Law to finance the cost of the acquisition and construction of the Improvements;
WHEREAS, under existing law, approval of the Bonds requires 2/3rds of the voters in the City voting on the measure to vote in favor of the measure ; WHEREAS, Assembly Constitutional Amendment No. 1 (“ACA1”) has qualified for the November 5, 2024 Statewide ballot and would, among other things, change existing law to authorize a city, county, city and county, or special district to levy an ad valorem tax to servi ce bonded indebtedness incurred to fund the construction, reconstruction, rehabilitation, or replacement of public infrastructure if the measure proposing that tax is approved by 55% of the voters of the city, county, city and county, or special district, as applicable, and the measure includes specified accountability requirements; WHEREAS, the foregoing constitutional amendments effectuated by ACA1, if approved at the November 5, 2024 Statewide ballot, would apply to any measure authorizing general obligation bonds of a city that is submitted at the same election as the Voter Approval Ballot Measure;
WHEREAS, the measure to approve the Bonds is intended to and will comply with all the provisions of ACA1, including all of its accountability requirements, so that, if ACA1 is approved on November 5, 2024, approval of the Bonds shall require that 55% (not 2/3rds) of the voters in the City voting on the measure vote in favor of the measure; and WHEREAS, if the ballot measure authorizing issuance of the Bonds is approved by the requisite number of affirmative votes, the City will be authorized to issue the Bonds. //
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NOW, THEREFORE, BE IT FURTHER ORDAINED BY THE CITY OF SANTA CLARA AS FOLLOWS:

1. Recitals Correct. The foregoing recitals are true and correct.

2. Purpose and Intent . Pursuant to the authority provided by the California Government Code and California Elections Code, the purpose and intent of this Ordinance is to authorize and direct the submittal to the qualified voters of the City at the general municipal election to be held on November 5, 2024, of a measure authorizing the City to issue general obligation bonds (the “Bonds”) for the purpose of financing the Improvements on the terms set forth below.

3. Findings. The City Council hereby makes the following findings with respect to the proposed measure for the Bonds:
(i) On July 9, 2024, the City Council adopted, by a two- thirds vote of all its members, a resolution entitled “A Resolution of the City Council of the City of Santa Clara, California, Determining that the Public Interest and Necessity Demand the Acquisition, Construction and Improvement of Municipal Improvement Projects Constituting Public Infrastructure of the City, and Their Financing Through the Issuance of General Obligation Bonds,” pursuant to which the City Council has found and determined that the public interest and necessity demand the issuance of general obligation bonds to finance the Improvements, which are municipal improvement projects constituting public infrastructure of the City. //
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(ii) In order to provide for the issuance by the City of general obligation bonds to provide financing for the Improvements, it is necessary for the City Council to adopt an ordinance ordering the submission of the measure of incurring bonded indebtedness for s uch purpose to the qualified voters of the City at a municipal election.
(iii) The City Council desires to submit said ballot measure to the qualified voters of the City at the regular election to be held in the City on November 5, 2024, and to consolidate the bond election with other elections held within the City on that date, by a resolution adopted after the adoption of this Ordinance pursuant to California Elections Code Section 10403 (the “Resolution Calling Election”).

4. Call for Election . The City Council hereby orders that there be submitted to the qualified voters of the City , pursuant to the Resolution Calling Election , a measure on incurring bonded indebtedness for the purposes set forth in this Ordinance, at the regular election to be held on November 5, 2024.

5. Ballot Measure. The City Council hereby submits to the qualified voters of the City, at the regular election to be held on November 5, 2024, a measure on issuing the Bonds.

The statement of the measure shall be in substantially the form set forth in the resolution of the City placing the measure on the ballot.

6. Object and Purpose of Bonds. The object and purpose of the Bonds is to finance some or all of the costs of the Improvements . The Improvements are more particularly described in that certain Expenditure Plan (“Expenditure Plan”) to be attached as Exhibit A to this Ordinance, which shall be approved by the City Council by separate Resolution and presented to the voters as part of the measure for the Bonds.

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The authorized Improvements will include all work, facilities and expenditures necessary and incidental to the Improvements described in the Expenditure Plan.

Examples of such work, facilities, and expenditures include, but ar e not limited to: costs of design, engineering, architect and other professional services, inspections, site preparation, utilities, landscaping, construction management and other planning and permitting, legal, accounting and similar costs; a customary construction contingency; demolition and disposal of existing structures; rental or construction of storage facilities and other space on an interim basis for materials and other equipment and furnishings displaced during construction; addressing unforeseen conditions revealed by construction or renovation, and other necessary improvements required to comply with existing building codes and other applicable law, including the Americans with Disabilities Act; costs of the bond election; bond issuan ce costs; project administration during the duration of such projects , including reimbursement of City staff time; and financing and interest costs on the Bonds.

7. Estimated Cost of Improvements . The estimated cost of the Improvements is $400,000,000. The estimated cost includes legal or other fees, the costs of printing the Bonds, and other costs and expenses incidental to or connected with the authorization, issuance and sale of the Bonds. To the extent the Improvements financed are revenue- producing public works, the cost of the Improvements may also include bond interest estimated to accrue during the construction period and for a period of not to exceed 12 months after completion of construction.

8. Principal Amount of Bonds. The aggregate principal of the Bonds shall not exceed $400,000,000.00.

9. Maximum Interest Rate. The maximum rate of interest to be paid on the Bonds shall be the statutory maximum of 12% per annum. Said interest shall be payable semiannually, except that interest for the first year after the date of the Bonds may be made payable at the end of said year. The actual interest rates of each series of the Bonds will be determined at the time of each respective Bond sale. //
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10. Issuance and Sale of Bonds . The City proposes to issue and sell the Bonds pursuant to Article 1, commencing with Section 43600, of Chapter 4 of Division 4 of Title 4 of the California Government Code, or Article 4.5, commencing with Section 53506, of Chapter 3 of Part 1 of Division 2 of Title 5 of the California Government Code, in one or more series, in the maximum amount and for the objects and purposes set forth above if the requisite number of qualified voters voting on the measure vote in favor thereof. The Bonds will be general obligations of the City payable solely from and secured by ad valorem taxes levied and collected in the manner prescribed by the laws of the State of California, and not from the general fund or other funds of the City . The revenue generated from the ad valorem tax levied and collected will be used for the payment of debt service on the Bonds. All of the Bonds shall be equally and ratably secured, without priority, by the taxing power of the City.

12. Procedure for Voting on Measure. Ballots for the election shall be provided in the form and in the number provided by law. Voters shall be provided an opportunity to vote for or against the measure on the ballot, in accordance with procedures to be adopted by the authorized officers of the County of Santa Clara (the “County”) charged with conducting the election.

13. Transparency and Accountability Requirements.
(a) In order to comply with ACA1 and Sections 53410 and 53411 of the California Government Code, the City Council hereby adopts the following accountability requirements relating to the Bonds (the “State Accountability Requirements”):
(i) The proceeds from the sale of the Bonds shall be used only for the purposes specified in this Ordinance, and not for any other purpose, including City employee salaries (other than for reimbursement of staff costs incurred in providing normal and customary project management and delivery services for the Improvements (“Project Related Administrative C osts”)), and other operating expenses. The administrative cost of the City for the Improvements, including any and all Project Related Administrative Costs, shall not exceed 5% of the proceeds from the sale of the Bonds.
(ii) The proceeds from the sale of the Bonds shall only be spent on projects and programs that serve the jurisdiction of the City.
(iii) This Ordinance shall be the ordinance through which projects will be funded and the City hereby certifies that it has evaluated alternative funding sources. (iv) The City shall conduct an annual, independent performance audit to ensure that the Bond funds are expended pursuant to this Ordinance.

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(v) The City shall conduct an annual, independent financial audit of the proceeds from the sale of the Bonds unt il all of those proceeds have been expended for the public infrastructure authorized by this Ordinance. (vi) The City shall post the audits required by clauses (iv) and (v) in a manner that is easily accessible to the public.
(vii) The City shall submit th e audits required by clauses (iv) and (v) to the California State Auditor for review.
(viii) The City shall appoint a citizens’ oversight committee (the “Bond Compliance COC”) to ensure that Bond proceeds are expended only for the purposes described in the measure approved by the voters. Members appointed to the Bond Compliance COC shall receive educational training about bonds and fiscal oversight.
(ix) Any entity owned or controlled by a member of the City Council shall be prohibited from bidding on any work funded by the measure. (x) A separate account shall be created and held by the City, into which the proceeds of the Bonds shall be deposited and applied solely for the Improvements.

Expenditures shall be tracked on a project by project basis to facil itate project oversight and compliance audits.
(xi) The City’s Director of Finance shall file a report with the City Council at least annually showing the amount of Bond proceeds collected and expended, and the status of the Improvements.
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If approved by California voters, any transparency or accountability provisions of ACA1 not already expressly provided herein are hereby incorporated by reference in this Ordinance. The City Council hereby declares its intent that this Ordinance and the accountability measures contained herein shall comply with ACA1 and any and all other statutory or other requirements determined to be required for compliance with ACA1. To the extent any provision of this Ordinance is determined to be inconsistent with the terms of ACA1, or any other applicable state law, the City is authorized and directed to make any necessary conforming changes.
(b) In addition to the State Accountability Requirements, the City Council hereby adopts the following local accountability and transparency requirements relating to the Bonds and the use of Bond proceeds (“Local Accountability Requirements”):
(i) Expenditure Plan Requirements . Bond proceeds shall only be used on Improvements in strict accordance with the terms of the adopted Expenditure Plan, as it may be amended from time to time subject to the requirements of Section 13(b)(ii), below.
(ii) Required Process for Amending Ex penditure Plan. City staff shall review, analyze and make a recommendation on any proposed substantive amendment to the Expenditure Plan (“Amendment”). Prior to City Council consideration, any such proposed Amendment shall first be submitted to the Bond Compliance COC for their review and recommendation. Any proposed Amendment shall require the unanimous approval of the City Council.
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(iii) Prohibited Uses . In no event shall Bond proceeds may be used for ( I) improvements to Levi’s Stadium; (II) any Improvements projects for the sole benefit of Levi’s Stadium; (III) Improvements projects within .5 miles of Levi’s Stadium , except Improvements in existing residential neighborhoods designed to be of substantial direct benefit to those areas and not Levi’s Stadium; or (IV) the direct or indirect benefit of any professional sports team.
(iv) Additional Terms for the Bond Compliance COC . The Bond Compliance COC shall consist of 9 members selected by a lottery process and appointed by Council. The committee shall include seven residents, one large busines s representative, and one small business representative (neither of which must be residents, but both must be either an owner or employee of a business headquartered within the City). Additionally, no business representative shall work for, have previously worked for, or be employed by a firm that provides services to any professional sports teams within the City. The role of the Bond Compliance Committee shall be to (I) ensure that project implementation is consistent with all Bond measure requirements, including the terms of the Expenditure Plan; ( II) review and report on annual audits, and (III) review and provided recommendations to the City Council on any proposed amendment to the Expenditure Plan, and (IV) to inform the public concerning the expenditure of Bond proceeds.
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(v) Communications Program . There shall be a Bond measure communications program to enhance accountability and transparency including, at a minimum, the following elem ents: ( I) requirement for an annual public presentation on the Expenditure Plan and the status of the implementation of Improvements projects to the Bond Compliance COC and the City Council presented by the City Manager; (II) requirements for an annual presentation of the independent annual audit(s) required in Section 13(b) above to the COC and the Council Audit Committee; (III) status of all Bond funded projects to be communicated on the City’s webpage; and ( IV) notice of all proposed Improvements projects to residents within 1,000 feet of such project(s), with public signage providing further information at the project site(s).

These Local Accountability Requirements are intended to supplement and not replace ACA1 or any other applicable state law. To the extent of any duplication or inconsistency, the requirement(s) requiring the greater degree of transparency or accountability shall apply.

14. Identification of Tax. The tax imposed by this measure is an ad valorem tax levied upon taxable property in the City, and will be used to pay the principal and interest on the Bonds.

No other notice need be given.
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19. Adoption; Effective Date. This Ordinance must be adopted by two-thirds of all members of the City Council. When adopted, in accordance with Section 36937(a) of the California Government Code, this Ordinance shall become effective immediately, as an ordinance relating to an election.

I HEREBY CERTIFY THE FOREGOING TO BE A TRUE COPY OF A RESOLUTION

PASSED AND ADOPTED BY THE CITY OF SANTA CLARA, CALIFORNIA, AT A REGULAR MEETING THEREOF HELD ON THE 9TH DAY OF JULY, 2024, BY THE FOLLOWING VOTE:

AYES: COUNCILORS:

NOES: COUNCILORS:

ABSENT: COUNCILORS:

ABSTAINED: COUNCILORS:

Attachments incorporated by reference:

1. Exhibit A - Expenditure Plan
Ordinance/Calling Bond Election
Becker, Chahal, Hardy, Jain, and Watanabe,
and Mayor Gillmor
Park
None
None
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ATTEST: ~

NORA PIMENTEL, MMC

ASSISTANT CITY CLERK

CITY OF SANTA CLARA
Page14of14

EXHIBIT A
EXPEN

DITURE PLAN

City Council and Authorities ConcurrentJuly 16, 2024

City Council and Authorities Concurrent
July 16, 2024