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Committee Debates $35M Seismic Safety Loan Authority; Budget Analyst Recommends Narrower Authorization
Summary
Committee heard staff and budget analyst testimony on a proposed not-to-exceed $35 million authorization for the city's seismic safety loan program; budget analysts recommended restricting initial authorization to about $13 million based on identified and probable applications, and the item was continued for further review and stakeholder meetings.
The Budget and Finance Committee examined a proposal to authorize up to $35 million in taxable general-obligation bonds to support the Seismic Safety Loan Program. Nadia Sasse of the Office of Public Finance outlined a proposed structure that would allow the city to use a private-placement ‘draw-down’ mechanism so funds could be drawn as loans are approved rather than issuing the full amount at once (Nadia Sissay). Sasse said the approach would let the city pay a…
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