 New Bond Paves Way for Maintaining Critical Infrastructure in Santa Clara
Bond Proceeds Invests in City’s Future
SANTA CLARA, Calif. – The Santa Clara County Registrar of Voters certified the results of the November 5 election. This means Santa Clara voters passed Measure I, a general obligation bond that will fund greatly needed infrastructure projects in our city.
The $400M in bond proceeds will enhance the City’s efforts to address over $600M in unfunded infrastructure needs such as aging fire stations, stormdrain systems, and aquatic facilities. City staff have already identified projects within the Expenditure Plan and this bond will provide a path forward to making vital repairs and improvements throughout Santa Clara.
“We are incredibly grateful to the voters for recognizing the need to invest in our City and to maintain our roads, parks, and facilities that serve our community,” said Mayor Lisa Gillmor. “This is an essential step to preparing for our future.”
Staff will begin work to prioritize the lists of proposed infrastructure projects within the Expenditure Plan for each project phase of the bond. The plan includes the following specific projects and estimated delivery costs. The project areas are:
- Fire Stations and Emergency Response ($142,235,450)
- Parks, Libraries, Senior Center, and Aquatics Facilities ($115,258,750)
- Stormdrain System Improvements ($46,000,000)
- Police Facilities ($43,987,500)
- Streets and Transportation ($41,170,000)
- Historic Buildings and Beautification ($9,200,000)
In January, the City will be launching a recruitment for members of the Citizens’ Oversight Committee which will act as a body that ensures the funds are used responsibly. The recruitment will be posted to the City’s website. To sign up for updates on the recruitment process and to be added to our mailing list for future Citizens’ Oversight Committee meetings, visit SantaClaraCA.gov/eNews.
The process of issuing the bonds includes working with the City’s financial advisor to competitively procure an underwriter and bring the bonds to market. At that point, the City will have the initial bond proceeds to expend funds on the projects outlined. Due to the size of the bonding and the time to complete the design and construction documents, there will likely be two to three tranches of bond funding issuances over time. Shorter duration projects may be completed with the first bond issuance. Larger projects will likely require at least two years to design and receive environmental clearance, then building and construction could start.
“This bond will help bridge a major funding gap in maintaining critical infrastructure projects,” said City Manager Jovan Grogan. “We thank the public for the trust placed in us, and our top priority is providing high-level services and amenities to Santa Clara residents and businesses. This much-needed funding will enable the City to enhance our public facilities and provide reliable use for the community in the years to come.”
The Santa Clara City Council will officially ratify the results of the election at its regular council meeting on December 17, 2024.
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