LRB � RESEARCH AND ANALYSIS SECTION ANALYSIS

NOVEMBER 29, 2006 AGENDA                       ITEM 27 FILE 061001

 

FINANCE & PERSONNEL COMMITTEE                                  JAMES CARROLL  

File #061001 is a substitute resolution relating to the issuance and sale of general obligation bonds in the amount of $11,436,790 for street lighting and street improvements.

Background and Discussion

 
  1. The Comptroller�s Office annually submits initial-borrowing resolutions for projects and programs approved in the adopted budget.
 
  1. The resolution authorizes the sale of general obligation bonds in the amount of $11,436,790 for street lighting and street improvements.
 
  1. The table below shows the projects and the amount of borrowing authorized by this resolution.
 

Capital Project

 Amount
Street Reconstruction- City Contribution to State and Federally Aided Projects $5,397,190
New Street Construction $200,000

Neighborhood Improvement Commercial District

 $500,000
Street Lighting $2,250,000
Underground Electrical Manhole Reconstruction $200,000
Street Reconstruction, Regular Program $2,664,600
Public Safety Communications $225,000

Total

 $11,436,790
 
 

Fiscal Impact 

Until the actual structuring of the debt issue is determined by the Public Debt Commission, details relating to the long-term fiscal impact will not be known. Depending on actual sale date in 2007, a maximum of 6 months interest would be incurred during the year.  If sold after July 1, 2007, there would be no fiscal impact in 2007. 

Cc:  Marianne Walsh       Prepared by:

Craig  Kammholz      Jim Carroll,  X8679   Mark Nicolini      LRB Fiscal Review

                W. Martin Morics                                                                                   November 22, 2006

                Richard Li