Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Committee approves deauthorization of unused bond allocations; OMB to provide written explanation
Summary
The committee approved amendments to bond ordinances to deauthorize previously authorized but unissued borrowings, returning capacity to the debt authorization plan; OMB said the funds were authorized but not borrowed and will be available for future capital projects with restrictions under Local Finance Law.
The Budget, Finance and Governance Committee voted to amend bond ordinances to deauthorize previously authorized but unissued debt, a routine administrative step the administration said will restore borrowing capacity for future capital projects.
An OMB representative explained to the committee that when the city authorizes debt it sometimes includes contingency allocations that are not ultimately…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
