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Oversight board backs debt financing to speed $15 million road program; authorizes chair to sign support letter
Summary
After a staff presentation and questions about costs and risks, the oversight board voted unanimously to authorize Chairman Cole Brandt to sign a letter supporting debt financing to accelerate roughly $15 million in local-sales-tax-funded road projects.
The Oversight Board voted unanimously to authorize Chairman Cole Brandt to sign a letter supporting debt financing to speed delivery of approximately $15 million in road projects funded by the local sales-tax measure known in the transcript as "Measure B" (speakers also referenced "Measure V" in places).
Staff presented two financing options: continue pay-as-you-go funding from the measures receipts or issue debt to complete projects much faster. "Because of the economic analysis and the financial analysis, we are recommending moving forward with financing," said the finance director, Kelsey Young.
The presentation laid out the assumptions behind that recommendation: a $15,000,000…
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