Asking that the Administration report to Council the expenditure of all monies authorized by the issuance of its' General Obligation Refunding Bonds, Series C-73, Series C-57, Series C-74, as well as any monies generated through the modification of the mandatory sinking fund redemption schedule for certain of the County's Adjustable Rate Demand General Obligation Refunding Bonds, Series C-50.
Whereas, the County Council, after due consideration of the public welfare and acting in accordance with applicable law pursuant to its enabling legislation, has approved the incurrence of indebtedness through the issuance of Ordinance 06-14; and
Whereas, it has been stated in the Committee Meeting of Budget and Finance that the County will realize a significant amount in savings through the refinancing and issuance of new debt, in order to provide funds for various capital projects to be approved in the Allegheny County Capital Budget for fiscal years 2015 and 2016; and
Whereas, the Council is granted the power by the Home Rule Charter in Article IV Section 2 (b) to incur indebtedness as permitted by law and in subsection (c) to adopt a balanced annual operating and capital budget; and
Whereas, it is the judgment of Council that Council that in order to carry out its duties under the Charter the Council should be informed in a detailed manner regarding the expenditure of funds incurred by debt in order to budget in an informed and responsible manner;
NOW THEREFORE, IT IS MOVED, BY THE COUNCIL OF ALLEGHENY COUNTY,
That Council requires the Administration to give quarterly reports on all expenditures arising out of the incurrence of debt through the authorization of Ordinance 06-14.
PRIMARY SPONSOR: COUNCIL MEMBER ROBINSON