REPORT TO BOND COMPLIANCE OVERSIGHT COMMITTEE
SUBJECT
Title
2025/26 Measure I Program Update
Report
BACKGROUND
On November 5, 2024, City of Santa Clara voters approved Measure I, the Public Facilities and Infrastructure Bond Measure. Measure I authorized the issuance of up to $400 million in general obligation bonds to finance a backlog of more than $600 million in unfunded infrastructure needs as specified in the "Expenditure Plan" (Attachment 1).
On June 5th, 2025, the Bond Compliance Oversight Committee (BCOC) for Measure I, conducted its inaugural public meeting. During this meeting BCOC members were provided training on their authority, role, and governing rules.
BCOC Responsibilities Under Measure I, Section 13 include:
? Ensuring that project implementation is consistent with the Expenditure Plan (Attachment 1).
? Reviewing and reporting on annual performance and financial audits.
? Providing recommendations to City Council on any proposed amendments to the Expenditure Plan.
? Informing the public concerning expenditure of bond proceeds.
The BCOC's second meeting was conducted on August 22nd, 2025, and included its first action with a unanimous approval and acknowledgement of proposed Phase 1 Project List (Attachment 2 - First Tranche Approved Project List) aligned with the voter-approved Expenditure Plan requirement.
DISCUSSION
The following discussion items are provided to update the BCOC on the status of Measure I program implementation, governance, financial activities, project delivery efforts, and future committee actions. Since voter approval of Measure I, City staff have continued advancing the program through the establishment of a dedicated leadership structure, development of the Phase 1 Capital Projects Delivery Program, and completion of the initial General Obligation Bond issuance to fund priority projects. This update will also include a summary of recent project site visits conducted with BCOC members, a discussion of upcoming report...
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