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Committee authorizes steps to front‑fund judgments with intent to reimburse by judgment-obligation bonds
Summary
Committee approved a resolution authorizing interim borrowing from the reserve fund to pay judgments and declaring intent to reimburse the reserve with proceeds of a planned judgment‑obligation bond (JOB) issuance; staff estimated a possible $80 million issuance with about $21 million of interest over 10 years.
The Budget and Finance Committee approved a resolution allowing the city to front‑fund certain judgments and settlements from the city’s reserve fund, with the stated intent to reimburse the reserve using proceeds from a future judgment‑obligation bond (JOB) issuance.
CAO staff described the typical timetable for a JOB issuance, including a court validation process that, absent objections, generally runs six to eight…
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