Main Library General Obligation
Bond Measure
Resolution of Necessity and
Introduction of Ordinance
Tim Kirby, Director of Finance
Dennis Jaw, Assistant Director of Finance
2City of Sunnyvale – General Obligation Bond Measure – June 2024 General
Obligation
Bond
Proposed funding mechanism is a General Obligation Bond payable from ad valorem property taxes
Council supported the larger new library design estimated to cost $290 million
120,000
square feet 3 stories LEED Platinum Net-Zero
Energy
On May 21, 2024, Council directed staff to return to Council with actions necessary to place library bond measure on the November ballot 3City of Sunnyvale – General Obligation Bond Measure – June 2024 Tonight’s Council Actions
ADOPT RESOLUTION OF NECESSITY
DETERMINING PUBLIC INTEREST OR
NECESSITY FOR PROJECT
INTRODUCE AND HOLD FIRST READING
OF ORDINANCE CALLING THE ELECTION
4City of Sunnyvale – General Obligation Bond Measure – June 2024 Resolution of
Necessity
Finding and determining:
• The public interest or necessity demands the
acquisition, construction or completion of a
proposed municipal improvement (Main Library)
• Costs of the improvements will require an
expenditure of the City greater than allowed by
the City’s current annual levy.
Requires 2/3 vote of Council
(5 yes votes)
5City of Sunnyvale – General Obligation Bond Measure – June 2024 Introduction
of Ordinance
Description of the object and purpose of
bonds
Estimates costs of the improvements
Manner of holding the election
Also requires 2/3 Councilmember
Approval (5 yes votes)
6City of Sunnyvale – General Obligation Bond Measure – June 2024 Assembly
Constitutional
Amendment No. 1
(ACA1)
• Qualified for the November 5, 2024 ballot
• Would reduce passing threshold from 2/3
to 55%
• Applies to qualifying measures passed on
same ballot
• Requires Citizens’ Oversight Committee
• Library GO Bond Measure will comply
with ACA1 requirements
7City of Sunnyvale – General Obligation Bond Measure – June 2024 Upcoming Key Dates
June 25, 2024
Council
Meeting
June 18, 2024
Council Meeting
(today)
Nov. 5, 2024
Dec. 10, 2024
or Jan. 7, 2025
Council Meeting
• City Council
adopts Resolution
of Necessity
• City Council
Introduces and
holds First
Reading of
Ordinance Calling
Election
• City Council holds
Second Reading
and Adopts
Ordinance Calling
Election
• Finalize ballot
language
• City Council
adopts Resolution
Placing Measure
on Ballot
• City Council
adopts Resolution
Declaring Results
of Election
• City Council
Adopts Resolution
Establishing a
Citizens’ Oversight
Committee
• Election Day
8City of Sunnyvale – General Obligation Bond Measure – June 2024 Alternatives
Staff Recommendation
1. Adopt a Resolution 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; and Introduce an Ordinance Ordering the Submission of a Proposition Incurring Bonded Indebtedness to the Qualified Voters of the City of Sunnyvale 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.
2. Do not adopt the resolution and ordinance required to place the General Obligation bond measure on the ballot and provide staff with further direction on next steps.
Staff Recommendation
Alternative 1
9City of Sunnyvale – General Obligation Bond Measure – June 2024 Questions