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Controllers Office seeks $150 million commercial paper authority, committee questions safeguards
Summary
The Controller's Office proposed a commercial paper program allowing up to $150 million of short‑term lease revenue commercial paper to finance interim capital spending; supervisors pressed for annual reporting, RFP selection details for dealers, and safeguards against interest‑rate spikes.
The Office of Public Finance told the Budget & Finance Committee March 4 that it seeks authority to issue up to $150,000,000 in tax‑exempt and taxable commercial paper to provide short‑term financing for capital projects.
Nadia Sasse (Controller's Office) explained the program would be implemented via lease/leaseback structures and secured with a letter of credit; dealer and…
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