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Subcommittee approves moving forward with three GO bond programs totaling hundreds of millions
Summary
The Budget & Finance Subcommittee advanced resolutions for anticipated June 2013 general obligation bond sales: Road Repaving & Street Safety (~$133M), Clean & Safe Neighborhood Parks (voter authorization Nov 2012), and Earthquake Safety & Emergency Response (~$31M); staff modelled a conservative 6% interest rate and presented estimated homeowner impacts.
Anthony Aberbond of the Controller’s Office summarized the city’s plan to issue multiple general obligation bond series in June 2013 to fund road repaving and street safety, park improvements and earthquake safety/emergency response projects. "The item before you is the Road Repair and Street Safety GO Bond program authorizing the issuance of $133,275,000 in GO bonds," he said, and added that the city plans to issue the…
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