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Committee recommends tax‑exempt refunding for Progress Foundation to full Board
Summary
The subcommittee recommended the Board approve a tax‑exempt issuance (not to exceed $9 million) by the California Enterprise Development Authority to finance and refinance Progress Foundation capital facilities; Controller's Office staff said the transaction is a refunding with no fiscal impact on the City.
The Budget & Finance Subcommittee advanced to the full Board a resolution authorizing the issuance of tax‑exempt obligations (in a principal amount not to exceed $9 million) by the California Enterprise Development Authority to finance or refinance capital facilities owned by the Progress Foundation. Anthony Ababond of the Controller’s Office of Public Finance described the measure as a refunding of prior obligations that would generate savings and emphasized there is no fiscal impact to the City and no City repayment obligation. The committee moved the matter forward with recommendation to the full Board without objection.
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