The legal voters of the City of Montpelier, Vermont, are hereby notified and warned that a Special City Meeting will be held in the City Hall on Tuesday, November 6, 2018, between the hours of seven o’clock (7:00) in the forenoon (a.m.), at which time the polls will open, and seven o’clock (7:00) in the afternoon (p.m.), at which time the polls will close, to vote by Australian ballot upon the following Article of business.
Shall the City Council be authorized to pledge the credit of the City of Montpelier, secured by general obligation bonds, notes or other forms of indebtedness, in an amount not to exceed $10.5 million (Ten Million Five Hundred Thousand Dollars), for the purpose of financing and funding Montpelier Tax Increment Financing District improvements and related costs, namely,
(1) Public parking facility at an estimated cost of $9.2 million;
(2) District sidewalks, streetscapes, lighting, water, storm water and sewer
improvements at an estimated cost of $1.3 million;
(3) Reimbursement and payment of eligible and related costs incident to the
implementation and administration of the District and construction of the
above improvements to the extent permitted by law; and
to pledge and appropriate the District tax increment in the amount of up to $10.5 million for the payment of such obligations, and to make such reimbursements?
The legal voters of the City are further notified that voter qualification, registration and early/absentee voting relative to said special meeting shall be as provided in Chapters 43, 51 and 55 of Title 17, Vermont Statutes Annotated.
The City has not previously issued debt obligations to finance District improvements secured by a pledge of District tax increment.
Voters are advised that if the District tax increment is insufficient to pay the principal and interest on City obligations issued to finance the improvements identified in Article I, for whatever reason, including a decrease in property value or repeal of a state property tax source, unless determined otherwise at the time of such repeal, the City of Montpelier shall remain liable for full payment of the principal and interest for the term of such obligations.
Shall the voters authorize the City Council to borrow a sum of money not to exceed $16,750,000 (Sixteen Million Seven Hundred Fifty Thousand) for various sewer treatment systems to upgrade the existing Water Resource Recovery Facility on Dog River Road? Said improvements are planned to replace aging infrastructure and facilities to improve efficiency and allow for processing of high strength waste products. If approved, bonds for these capital items would be issued for a term not to exceed 30 years. Approximately $634,000 would be required for the first year interest payment, with principal payments of approximately $676,000 in the fifth year with future principal and interest payments declining each year as the principal is repaid. (Requested by the City Council)
Shall the city amend the city charter by adding Subchapter 15 - Supplemental Voting Registry to Section II allowing non-citizen legal residents to vote on Montpelier city ballot items? (By Petition) (Click here to view the proposed changes.)
Shall the city amend section 5-301 the city charter to allow the city to regulate issues and activities within the city that relate to community and environmental sustainability, as agreed to by the City Council on October 3rd. (Click here to view the proposed changes.)
Adopted and approved at a special meeting of the City Council of the City of Montpelier duly called, noticed and held on October 3, 2018. Received for record and recorded in the records of the City of Montpelier on the 3rd day of October, 2018.
Attest, John Odum, Montpelier City Clerk
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