ITEM TITLE:
#26-55 - Providing for the Submission to the Qualified Voters of the City of Valdez Alaska the Question of Incurring General Obligation Bonded Indebtedness in an Amount Not To Exceed $32,000,000 for Capital Improvements to City Public Works Infrastructure, Consisting of a New Solid Waste Baler Facility, a Waterline Serving the Valdez Container Terminal, Rural Road Improvements Identified in the City’s Rural Roads Assessment, Including Improvements in the Corbin Creek Subdivision and Other City Rural Road Areas, and Reimbursement of Costs of the Meals Avenue Improvements, at a Special Election to be Held in the City on Tuesday, February 2, 2027
SUBMITTED BY: Jordan Nelson, Finance Director
FISCAL NOTES:
Expenditure Required: n/a
Unencumbered Balance: n/a
Funding Source: n/a
RECOMMENDATION:
Approve Resolution 26-55.
SUMMARY STATEMENT:
The attached resolution directs staff to prepare a bond authorization ballot measure for an anticipated Tuesday, February 2, 2027 special election.
• The proposed bonding ($32 million) is intended for the following projects and amounts
o VCT Waterline $7.5M
o Rural Roads $6.5M
o Meals Ave $7.0M
o Baler Facility $9.0M
o Interest/issuance $2.0M
• This resolution has been prepared by Bond Counsel, and reviewed by the City’s Financial Advisor and Finance Director.
• Attached is a financing timeline and an engagement letter for Bond Counsel.