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Committee adopts 60% proposed cap on total authorized borrowing, tables ordinance for further review
Summary
The committee voted unanimously to lower a proposed 70% debt-cap ordinance to 60% and then tabled the ordinance to allow bond counsel and corporation counsel to refine language and review legal implications.
The City Council Committee on Ordinances and Legislation on Jan. 13 voted to set a proposed cap limiting the city’s total authorized borrowing to 60% of its applicable statutory debt limit and then tabled the ordinance for further legal review.
Councilor Kadeem introduced a carried resolution proposing a percentage ceiling on total authorized debt to prevent the city from approaching its legal debt limit without voter approval; he said the initial 70% figure was open for committee discussion and noted the city’s current bond authorization sits…
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