File #060991 is a resolution relating to the carryover of 2006 authorization for general obligation and revenue based borrowing.

Background and Discussion

  1. The Office of the Comptroller annually prepares a resolution pertaining to the carryover of general obligation and revenue based borrowing authorization.
 
  1. This resolution provides that $161,947,739 authorized for general obligation and revenue based borrowing in the 2006 Budget be carried over into 2007.
 
  1. The 2006 Budget contains carryover and new authorization for general obligation and revenue based borrowing in the aggregate amount of $770,516,710.
 
  1. 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.
 
  1. 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