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Committee endorses amended authorization to issue refunding general obligation bonds up to $1.356 billion
Summary
The committee recommended limiting an authorization to issue refunding general obligation bonds (up to $1,355,991,219) to a five-year window after staff projected that refunding opportunities could yield roughly $36 million in net present value savings on targeted series; a public speaker urged greater public notice for large debt actions.
The Budget and Finance Committee recommended approval of an amended resolution authorizing issuance, from time to time and in one or more series, of refunding general obligation bonds not to exceed $1,355,991,219, while incorporating a budget-analyst amendment to limit the authorization window to five years.
Nadia Sisay of the Comptroller's Office of Public Finance explained…
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