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Title:
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Submitting report relative to the Status Report of the Quality of Life Loan Dollars and Related Contracts. (On March 14, 2014, City Council approved post-petition financing (a/k/a “Quality of Life Loan”, “QOLL”) totaling $120 million for the purpose of providing “kick start” monies for reinvestment and restructuring initiatives in the Plan of Adjustment. As part of the bankruptcy process the QOLL will be replaced with Exit Financing upon approval of the Bankruptcy Court. The City Council requested the Legislative Policy Division to provide a status report on the amount of contracts being funded by QOLL dollars.) (REFERRED TO THE BUDGET, FINANCE AND AUDIT STANDING COMMITTEE ON 1-6-15)
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