SUBJECT
Title
Staff Presentation on Measure I Audit Requirements, Process and the Bond Oversight Committee’s Responsibility to Review and Report
.Report
BACKGROUND
On November 5, 2024, during a Special Municipal Election, Santa Clara voters approved Measure I, an ordinance authorizing the issuance of up to $400 million in General Obligation Bonds to finance public infrastructure improvements within the City. As part of this Measure, Section 13 of the ordinance imposes several transparency and accountability requirements. Such requirements include annual independent performance and financial audits with respect to the use of all Measure I bond proceeds. The Bond Compliance Oversight Committee (BCOC) is tasked with reviewing and reporting on these audits.
DISCUSSION
In preparation for BCOC review of the first annual Measure I audits, City professional staff will provide the BCOC with a presentation on all Measure I audit requirements, the audit process, and the BCOC’s role in reviewing and reporting on such audits.
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(b)(5) in that it is an administrative activity that will not result in direct or indirect physical changes in the environment.
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 clerk@santaclaraca.gov or at the public information desk at any City of Santa Clara public library.
RECOMMENDATION
Recommendation
Note and file this report.
Staff
Reviewed by: Marc Freitas, De...
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