STAMFORD NEEDS TO INCREASE ITS SAFE DEBT LIMIT
Stamford has a robust capacity for debt based upon the City’s long term fiscal responsibility in the area of debt management; local economic strength, particularly with respect to the City’s grand list growth; and our historically low interest rates achieved in recent borrowings and refundings. Outstanding General Obligation debt on July 1, 2007 was approximately $448 million, including $400.5 million attributable to General Fund projects and $47.5 million attributable to projects in self-sustaining funds.
To meet the current capital needs of Stamford, we must issue $118.7 million in bonds for the 2007-08 fiscal year, including permanent financing of the $47 million in 2007 BANS and refunding of 1998 Bonds, which were rate locked in 2007 as well as $53 million in new bond funds. I also recommend that we allow for an additional $50 million in capital spending to be authorized in fiscal 2008-09 and for each of the following six years.