LEGISLATIVE YEAR 2020
RESOLUTION: R-20-100
PURPOSE: Relative to the rescinding of authorized unissued debt
SPONSOR(S): Mayor Jim Donchess
COMMITTEE
ASSIGNMENT:
FISCAL NOTE: 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 rescission 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, project cost lower, principal forgiveness).
Approved as to Financial Services Division
account number and/or
structure, and amount: By:
Approved as to form: Office of Corporation Counsel
By:
Date:
