The ordinance allows the City to issue up to $67.5 million in Certificates of Participation to fund various capital improvement projects, including repairs and renovations to City-owned buildings and facilities. It also includes provisions for leasing property and managing the financial aspects of these projects to support the City's recovery from the COVID-19 pandemic.
Ordinance authorizing the execution and delivery of Certificates of Participation, in one or more series on a tax-exempt and/or taxable basis and from time to time, evidencing and representing an aggregate principal amount of not to exceed $67,500,000 (“Certificates”), to finance and refinance certain capital improvement projects within the City, including but not limited to certain projects within the City and County of San Francisco’s (“City”) capital plan and generally consisting of critical repairs, renovations and improvements to City-owned buildings, facilities and works utilized by various City departments and local economic stimulus projects, generally consisting of repairs, renovations and improvements, designed to help build a more resilient and equitable San Francisco as part of the City’s recovery from the COVID-19 pandemic, including through the retirement of certain commercial paper notes of the City issued for such purposes; approving the form of a Supplement to Trust Agreement between the City and U.S. Bank National Association, as trustee (“Trustee”) (including certain indemnities contained therein); approving respective forms of a Supplement to Property Lease and a Supplement to Project Lease, each between the City and the Trustee, for the lease and lease back of all or a portion of certain real property and improvements owned by the City and located at 375 Laguna Honda Boulevard within the City and at 1 Moreland Drive, San Bruno, California, and/or other property as determined by the Director of Public Finance; approving the form of an Official Notice of Sale and a Notice of Intention to Sell the Certificates; approving the form of an Official Statement in preliminary and final form; approving the form of a purchase contract between the City and one or more initial purchasers of the Certificates; approving the form of a Continuing Disclosure Certificate; granting general authority to City officials to take necessary actions in connection with the authorization, sale, execution and delivery of the Certificates, as defined herein; approving modifications to documents, as defined herein; and ratifying previous actions taken in connection therewith, as defined herein.
How it got here
The ordinance authorizes the City to issue up to $77.17 million in Certificates of Participation to finance and refinance capital improvement projects, including repairs and renovations to City-owned buildings and facilities. It also includes provisions for leasing arrangements and grants authority to City officials to manage the process.
This resolution allows the Director of Property to amend the lease for the San Francisco Wholesale Produce Market to allocate city funds for improvements outlined in the Produce Market Reinvestment Plan. It also confirms that the project complies with environmental regulations and city planning policies.
The ordinance allows San Francisco to issue up to $61.4 million in Certificates of Participation to fund repairs and improvements to city-owned buildings and infrastructure. It also outlines the necessary agreements and authorizations for the sale and management of these financial instruments.
