File #060991 is a resolution relating to the
carryover of 2006 authorization for general obligation and revenue based
borrowing.
Background and Discussion
- The Office of the Comptroller annually prepares a
resolution pertaining to the carryover of general obligation and revenue based
borrowing authorization.
- This resolution provides that $161,947,739
authorized for general obligation and revenue based borrowing in the 2006
Budget be carried over into 2007.
- The 2006 Budget contains carryover and new
authorization for general obligation and revenue based borrowing in the
aggregate amount of $770,516,710.
- In 2006, the City has issued general obligation
and/or revenues based notes (other than for refunding purposes) in the
aggregate amount of $426,871,935.
- Of the $770,516,710 in borrowing authorized in the
2006 Budget, $161,947,156 is dropped because of statutory requirements or no
anticipated future need. Of the $161.9 million being dropped, $59 million was
authorized for revenue anticipation borrowing and approximately $99 million
was authorized for contingent borrowing.
Fiscal Impact
The resolution facilitates and allows for actual
borrowing at a later date. Specific debt service costs will not become known or
incurred until actual sale(s) take place.
Cc: Marianne Walsh
Prepared by:
Mike Daun Jim Carroll, X8679
Mark
Nicolini
LRB Fiscal Review
W. Martin
Morics
November 28, 2006
Richard Li
Craig Kammholz