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Committee approves amended emergency authorization and forwards COP financing for Laguna Honda repairs
Summary
The committee forwarded an ordinance to authorize up to $77.17 million in certificates of participation for capital repairs and separately approved an amended emergency declaration limited to specified projects and a $28.4 million not-to-exceed contracting cap for Laguna Honda Hospital repairs tied to federal recertification work.
The Budget and Finance Committee on Sept. 6 moved two linked items that address capital financing and immediate repairs for Laguna Honda Hospital.
Office of Resilience and Capital Planning and Office of Public Finance staff presented an ordinance authorizing up to $77,170,000 in certificates of participation (COPs) to finance an estimated $58.4 million in city project costs for critical repairs and street resurfacing. Staff outlined estimated financing terms (approximately 20-year term and a true interest cost near 6.42%) and said the debt-service will be…
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