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Committee backs authorization to seek up to $170M in COPs for War Memorial seismic upgrades
Summary
Officials requested authorization to issue certificates of participation up to $170 million to finance seismic upgrades and attendant improvements at the War Memorial Veterans Building; staff presented project scope, financing assumptions and alternatives, while the budget office noted COP financing is more costly than GO bonds but delaying repairs is inadvisable.
The Budget and Finance Committee considered an ordinance authorizing certificates of participation (COPs) not to exceed $170 million to finance seismic upgrades and other improvements to the War Memorial Veterans Building.
Nadia Sissay (Office of Public Finance) outlined financing assumptions, explaining COPs require a reserve fund and capitalized interest; the project cost funded by COP proceeds was presented at roughly $132.455 million with COP-related carry costs raising the total to approximately $168.1 million under the…
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