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Committee advances $185 million COP authorization to finance Laguna Honda replacement; public warns of long-term risks
Summary
The committee advanced authorization to issue up to $185 million in certificates of participation (COPs) to help finance the Laguna Honda replacement project, with staff saying repayments will be covered largely by state SB 1128 reimbursements and general-fund backing for equipment; a public speaker cautioned the financing could resemble 'subprime' borrowing and urged closer scrutiny.
The Budget & Finance Committee voted July 23 to forward to the full Board a resolution authorizing the issuance of certificates of participation (COPs) of up to $185 million to partially finance the Laguna Honda replacement project.
Nadia Sise of the Mayor’s Office of Public Finance told the committee the transaction will follow prior COP structures the city has used: "The legislation you have in front of you is for authorization to issue certificates of participation for not to exceed amount of $185,000,000 for the ... Laguna Honda replacement project." Staff said the capital portion of the financing is planned to be recovered…
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