At the regular general election held on November 7, 2023, the electorate of the City approved ballot question 2J, which extended the one-half of one percent sales and use tax levied by the City and authorized the issuance of debt to finance City investment in capital improvement projects. Sales and use tax revenue bonds will be issued to finance the City investments, which requires approval of an ordinance by City Council. A change was made to the bond ordinance following first reading and is reflected in the first attachment. In summary, after additional financial analysis, it was determined it is prudent for the City to “refund” (include) approximately $5 million of the 2017 bond debt in this new issuance, defeasing the remaining 2017 debt with approximately $7.3 million of the 2E fund balance.