LRB � RESEARCH AND ANALYSIS SECTION ANALYSIS

NOVEMBER 29, 2006 AGENDA                       ITEM 25 FILE 061003

FINANCE & PERSONNEL COMMITTEE                                  JAMES CARROLL  

File #061003 is a substitute resolution relating to the issuance and sale of general

                       obligation bonds for paying project costs in accordance with project plans for Tax Incremental Districts (TID) authorized under s. 66.1105, Wis. Stats.

Background and Discussion

1. The Comptroller�s Office annually submits initial-borrowing resolutions for projects and programs approved in the adopted budget.

2. The resolution authorizes the sale of general obligation bonds in the amount of $70,280,000 for Tax Incremental District purposes.

3. This borrowing provides $61.9 million in funding for existing TIDs and potential TIDs, $1.4 million for potential new Developer financed TIDs, and $6.8 million for Capital Interest.

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, 2007

                Richard Li