This ordinance creates the San Francisco Reinvestment Working Group, which will develop plans for a non-depository Municipal Finance Corporation and a Public Bank. These plans will be submitted to the Board of Supervisors and the Local Agency Formation Commission for consideration.
Ordinance amending the Administrative Code to establish the San Francisco Reinvestment Working Group to submit business and governance plans for a non-depository Municipal Finance Corporation and for a Public Bank to the Board of Supervisors and to the Local Agency Formation Commission.
How it got here
This resolution officially accepts the final plans and studies for creating a San Francisco Municipal Financial Corporation and a Public Bank. It outlines the governance and business strategies for these financial entities aimed at supporting local economic development.
This resolution calls for the creation of a San Francisco Green Bank, a non-depository municipal finance corporation, to support green projects in the city. It urges the Treasurer and Tax Collector to design and establish this bank, pending available funding.
