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Committee forwards $425M health-and-recovery, transportation and earthquake bond sales to full Board
Summary
The Budget & Finance Committee voted to send a package of bond actions to the full Board, including a first sale request of up to $425 million for the 2020 Health & Recovery GO bond, final issuance of $122.8 million for 2014 transportation bonds, and a $90 million sale for the 2020 Earthquake Safety and Emergency Response bond.
The Budget & Finance Committee on May 12 voted to forward to the full Board a multi-part bond package that includes a $425 million first sale request for the 2020 Health & Recovery general-obligation (G.O.) bond, a $122.8 million final issuance under the 2014 Transportation and Road Improvement G.O. bond, and a $90 million sale under the 2020 Earthquake Safety and Emergency Response (ESER) bond.
Vishal Trivedi from the Controller's office summarized the three financings and their fiscal implications, projecting combined debt service of just over $631 million over the life of the series, with a municipal-advisor interest-rate assumption of roughly 3.75% that would generate about $350 million in interest costs over a 20- to 25-year term. Trivedi estimated the annual property-tax impact to be roughly $77.06 for a $600,000 home after the $7,000 exemption, and said the issuance…
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