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Council advances $600 million police-and-fire bond to ballot after debt-impact review
Summary
The City Council approved a debt impact statement and advanced a $600 million bond measure for police and fire facilities to the March 2002 ballot, citing updated project-management controls and available debt capacity.
The Los Angeles City Council on Friday approved a debt impact statement and set a ballot resolution to place a $600 million police-and-fire facilities bond measure on the March 2002 ballot, after staff told the council the city has the capacity within its self-imposed debt ceiling to issue the proposed general obligation bonds.
City administrative staff and the chief legislative analyst—s office briefed the council on a debt chart and an accompanying debt impact statement showing current and projected debt-service levels. City staff said the city—s nonvoter and voter-approved debt remains below the charter limit (15% of general fund revenues) and that the issuance would not push debt service above the limit.
"According to our current policy ... we have more than…
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