REPORT TO COUNCIL
SUBJECT
Title
Actions to Initiate Phase One of the Measure I Infrastructure General Obligation Bond Financing and Development Including (1) Approval of the Phase One Project List (2) Direct Staff to Undertake All Necessary Actions to Prepare for the Issuance of the First Series of Bonds in the Estimated Amount of $100 Million, (3) Establish the Measure I General Obligation Bond Debt Service Fund and the Measure I General Obligation Bond Projects Fund, and (4) Approve Related Budget Amendments
Report
BACKGROUND
On November 5, 2024, voters in the City of Santa Clara approved ballot Measure I, the Public Facilities and Infrastructure Bond Measure. Measure I authorizes the City to issue up to $400 million in general obligation 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 (Expenditure Plan), Attachment 1, describing the categories of public improvements authorized to be financed by the bonds and setting forth the basic terms for the implementation of bond-funded projects in phases.
City staff have 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 outlined in the attached project list (Project List), Attachment 2.
DISCUSSION
Bond Compliance Oversight Committee Recommendation
The Bond Compliance Oversight Committee (Committee) is tasked with confirming that projects proposed to be funded using Measure I bond proceeds are contained in and consistent with the terms of the Expenditure Plan.
On August 27, 2025, the Committee approved an action determining that the Phase One Proposed Project List is consistent with the voter-approved Expenditure Plan for Measure I. The Committee...
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