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B-160851 1 (1973-05-25)

handle is hein.gao/gaobablau0001 and id is 1 raw text is: RE- No to he refaaedo q6 Accounting Office except on the basis of speific ap by the Office at Congresuinaj Relation. i COMPTROLLER GENERAL OF THE UNITE LriTES WASHINGTON. D.C. 20545833 RELLEASED ' B-160851 MAY 25 1973 The Honorable Jennings Randolph ;,Chairman, Committee on Public: Works 2 lI/I/II~IIIIIIII~lIIIIII1 S' United States Senate LOOO ~LM090608 Dear Mr. Chairman: Your April 20, 1973, letter requested that we obtain in- formation and report to your Committee on the iat emes±cn.sts for participation certificates sold by the General Services SAdm-nistrai~pnjSA) .compared with those for Treasury obliga- /7 tions. Section 5 of Public Law 92-313, dated June 16, 1972, au- thorized GSA for 3 years to make purchase contracts with in- du edent.con-tractors which would finance and construct public buildings to, GSAspecifications. GSA would make periodic in- stallment payments during the contract period to amortize con- struction and financing costs. After the contract period, not to exceed 30 years, title to the buildings would transfer to the Government. In supporting this law GSA asked the Congress in 1971 for purchase contract authority for 3 years as a stopgap ex- pedient for eliminating the backlog of congressionally ap- proved but unfunded Federal construction projects. At that time, GSA listed a backlog of 63 projects, with estimated con- struction costs of about $750 million, that could be built un- der purchase contract arrangements. For various reasons GSA withdrew nine projects from its 1971 list and added another nine projects which the Public Works Committees had approved after Public Law 92-313 had been enacted. As of March 31, 1973, GSA, under its purchase contract authority, had obtained about $626.8 million for financing 37 projects consisting of $104.3 million for 23 projects under a package system and $522.5 million for 14 projects under a dual system. Under the package system GSA has contracted with inde- pendent contractors, on a competitive-bid basis, for the con- struction and the financing of the 23 projects. Under the dual system GSA awarded separate contracts, or had awards pending, for construction of the 14 projects and obtained the project ~6o~ i90-C~

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