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File #: 061313    Version:
Type: Resolution Status: Passed
File created: 2/6/2007 In control: FINANCE & PERSONNEL COMMITTEE
On agenda: Final action: 2/27/2007
Effective date:    
Title: Substitute resolution relating to the carryover of 2006 authorization for general obligation and revenue based borrowing.
Sponsors: THE CHAIR
Indexes: BUDGET, GENERAL OBLIGATION BONDS, MUNICIPAL BORROWING
Attachments: 1. Comptroller's Cover Letter.pdf, 2. Fiscal note, 3. 060991 Detailed Schedule of Borrowing Authorization Carryovers spreadsheet, 4. Exhibit A (061006), 5. Exhibit A (061007), 6. Fiscal Analysis
Number
061313
Version
SUBSTITUTE 1
Reference
060991, 061006, 061007
Sponsor
THE CHAIR
Title
Substitute resolution relating to the carryover of 2006 authorization for general obligation and revenue based borrowing.

Analysis
This resolution authorizes that certain amounts for related specific purposes as provided in the 2006 budget for general obligation or revenue based borrowing be carried over into 2007.

This resolution updates carryover resolution 060991 previously adopted, and debt authorized to be issued pursuant to 061006 (GO Notes), and 061007 (GO Bonds).

Body
Whereas, Common Council resolution File Number 060991 (the “Prior Resolution”) authorized the carryover of general obligation and revenue based borrowing into 2007; and

Whereas, At the time of adoption, the prior resolution contained estimated amounts, and the final amounts are now known; and

Whereas, The Common Council desires to correct the amount of carryover borrowing authority; and

Whereas, The Municipal Budget adopted for the calendar year 2006 (the “Budget”), plus additional authorizations approved by adoption of prior resolutions of intent to issue bonds or notes, include borrowing amounts shown in the attached detailed schedule (the “Schedule”) and covered by the resolutions recited in the Schedule; and

Whereas, The Budget contains carryover and new authorization for general obligation and revenue based borrowing in the aggregate amount of $771,199,610; and

Whereas, General obligation and/or revenues based notes (other than for refunding purposes) in the aggregate amount of $426,871,934.90 have been issued in 2006; and

Whereas, There is dropped from the borrowing authorization in the Budget a total of $161,947,156.10 unutilized borrowing authority; and

Whereas, It is desirable to make the corresponding changes to the purposes for which notes and bonds may be issued pursuant to resolution file numbers 061006 and 061007; now, therefore, be it

Resolved, By the Common Counci...

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