REPORT TO COUNCIL
SUBJECT
Title
Public Hearing: Action to Approve the Issuance of the First Series of Measure I General Obligation Bonds in a Maximum Principal Amount Not to Exceed $100,000,000
Report
BACKGROUND
On November 5, 2024, voters in the City of Santa Clara approved Measure I, the Public Facilities and Infrastructure Bond Measure (RTC 24-672). Measure I authorizes the City to issue up to $400 million in general obligation bonds (the "GO Bonds") to help address over $600 million in unfunded infrastructure needs, including aging fire stations, storm drain systems, and aquatic facilities. As part of the process for putting Measure I on the ballot, the City Council approved a bond expenditure plan (the "Expenditure Plan") describing the categories of public improvements authorized to be financed by the GO Bonds.
City staff has identified priority projects within the Expenditure Plan to be funded by the first series of bonds under Measure I, which are anticipated to be issued in February 2026 (the "2026 Bonds"). These projects are set forth in the project list (the "Project List") approved by the City Council on September 16, 2025 (RTC 25-992).
As required by Measure I, the City has established a Bond Compliance Oversight Committee (the "Committee") to ensure transparency and accountability in the implementation of Measure I projects. One responsibility of the Committee is to ensure that project implementation aligns with all bond measure requirements, including the Expenditure Plan. The Project List was presented, reviewed and approved unanimously by the Committee on August 27, 2025, prior to City Council approval. The Committee will review expenditures related to the 2026 Bond proceeds to ensure compliance with Measure I and the Expenditure Plan.
On June 24, 2025, the City authorized an ad valorem tax levy for FY 2025/26 for the repayment of debt service on the 2026 Bonds (RTC 25-722). The tax rate for FY2025/26 was set at $28.70 per $100,000...
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