RESOLUTION:
PURPOSE:
SPONSOR(S):
COMMITTEE
ASSIGNMENT:
FISCAL NOTE:
LEGISLATIVE YEAR 2021
R-21-186
Relative to the rescinding of authorized unissued debt
Mayor Jim Donchess
Budget Review Committee
This resolution is a housekeeping (maintenance) item to rescind
debt authorizations which will not be issued. In accordance with
Generally Accepted Accounting Principles (“GAAP”), these
amounts are required to be disclosed in the footnotes of the City’s
audited financial statements - Comprehensive Annual Financial
Report (“CAFR”) - and debt issuance or rescisston is required in
order to exclude them from future footnote disclosures.
ANALYSIS
This resolution rescinds portions of previously authorized debt that were not issued. The reasons
for balances are various (premium on bonds, project cost lower, lower cost on loans).
Approved as to
account number and/or
structure and amount:
Approved as to form:
Financial Services Division
By: /s/ John Griffin
Office of Corporation Counsel
By: Vow? Yorke
pate: Nomonter Ded
