This resolution allows the city to issue up to $2,425,000 in commercial paper notes to finance the purchase of vehicles. It also authorizes related actions necessary to complete this financing.
Resolution authorizing the execution and delivery from time to time of tax-exempt and/or taxable Commercial Paper Notes in an aggregate principal amount not to exceed $2,425,000 to provide financing for the costs of the acquisition of vehicles, and authorizing other related actions, as defined herein.
How it got here
This legislation originated from the need to finance the acquisition of vehicles for the San Francisco Police Department through the issuance of commercial paper notes.
The Board adopted Resolution 85-09 to establish a General Fund backed commercial paper program allowing the issuance of up to $150 million for financing capital improvements and equipment.
The Board adopted Resolution 247-13, increasing the commercial paper program authorization from $150 million to $250 million.
The Mayor's Proposed FY 2021-22 and FY 2022-23 Budget included approximately $3 million for fleet upgrades for the San Francisco Police Department.
The Budget and Finance Committee recommended the resolution to authorize the issuance of commercial paper notes for vehicle acquisition.
The Board of Supervisors adopted the resolution authorizing the issuance of tax-exempt and/or taxable commercial paper notes not to exceed $2,425,000.
The Mayor approved the resolution, finalizing the authorization for the issuance of commercial paper notes for vehicle financing.
Reconstructed from attached documents & the official record
