LRB � RESEARCH AND ANALYSIS SECTION ANALYSIS

NOVEMBER 29, 2006 AGENDA                       ITEM 32, FILE 060996

 

FINANCE & PERSONNEL COMMITTEE                                  JAMES CARROLL  

File #060996 is a substitute resolution authorizing sale and issuance and of general obligation bonds for parking lots and other parking facilities.

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 $595,000 for parking facility improvements.
 
  1. The table below shows the projects and the amount of borrowing authorized by this resolution.
 
Capital Project Amount
Deferred Mechanical Maintenance $100,000
Deferred Structural Maintenance $125,000
MacArthur Square Renovation $370,000
Total $595,000
 

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 Research & Analysis

                W. Martin Morics                                                                                   November 22, 2006

                Richard Li