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Committee forwards ordinance to appropriate $9 million in COP issuance costs
Summary
The committee forwarded an ordinance to appropriate $9,035,065 to cover delivery and issuance costs tied to previously authorized certificates of participation for capital projects; the Comptroller's Office characterized the request as an administrative appropriation and said final cost adjustments will follow actual issuance.
The Budget and Finance Committee forwarded to the Board an ordinance to appropriate $9,035,065 to cover delivery and issuance costs related to previously authorized certificates of participation (COPs) for street improvements and disability access projects.
Nadia Sissay of the Comptroller’s Office said the amount covers delivery costs, capitalized interest and issuance fees and that the Board previously authorized $48 million of COPs for capital improvements. The budget analyst explained that the $38 million of project costs were already appropriated in the current year budget and that the $9 million before the committee is to cover financing costs; final numbers will be adjusted by the controller’s office at issuance.
The committee moved the ordinance forward without objection.
