LRB � RESEARCH AND
ANALYSIS SECTION ANALYSIS
NOVEMBER 29, 2006
AGENDA
ITEM 33, FILE 060995
FINANCE & PERSONNEL
COMMITTEE
JAMES CARROLL
File #060995 is a substitute resolution
authorizing the sale and issuance of general obligation bonds for harbor
improvements.
Background and
Discussion
- The Comptroller�s Office annually submits
initial-borrowing resolutions for projects and programs approved in the
adopted budget.
- The resolution authorizes the sale of general
obligation bonds in the amount of $650,000 for harbor improvements.
- The borrowing will provide funding for the
following:
- Pier & Berth Channel Improvements -
$400,000 - The allocation is used as matching funds in applying for grants
to improve or rehabilitate harbor facilities. In 2007, additional fender
improvements and related upgrades and repairs are planned for the mooring
basin, the heavy lift dock and outer harbor. In the outer harbor, the liquid
cargo pier requires rehabilitation.
- Dockwall Rehabilitation - $250,000 - This
is an on-going project. Routine maintenance avoids costly emergency
repairs for appropriate cargo operations. The dockwalls must be
maintained for lease and cargo operations. In 2007, the dockwall and
breakwater rehabilitation will involve rebuilding the tie back system and
replacing/upgrading the fender system. Breakwater stones that have
broken or been displaced will be replaced.
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 28, 2006
Richard
Li