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Resolution#220647Passed
In plain English

This resolution allows San Francisco to reimburse certain costs related to the construction of Building E at Balboa Reservoir using future bond proceeds, up to $102 million. It also authorizes the Mayor's Office of Housing and Community Development to apply for necessary approvals to issue residential mortgage revenue bonds for the project.

Resolution declaring the intent of the City and County of San Francisco (“City”) to reimburse certain expenditures from proceeds of future bonded indebtedness in an aggregate principal amount not to exceed $102,000,000 in one or more series of bonds on a tax-exempt or taxable basis; authorizing the Director of the Mayor’s Office of Housing and Community Development (“Director”) to submit an application and related documents to the California Debt Limit Allocation Committee (“CDLAC”) to permit the issuance of residential mortgage revenue bonds in an aggregate principal amount not to exceed $102,000,000 for Building E Balboa Reservoir at 11 Frida Kahlo Way; authorizing and directing the Director to direct the Controller’s Office to hold in trust an amount not to exceed $100,000 in accordance with CDLAC procedures, if necessary; authorizing the Director to certify to CDLAC that the City has on deposit the required amount, if necessary; authorizing the Director to pay an amount equal to such deposit to the State of California if the City fails to issue the residential mortgage revenue bonds; authorizing and directing the execution of any documents necessary to implement this Resolution, as defined herein; and ratifying and approving any action heretofore taken in connection with the Project, as defined herein, and the Application, as defined herein.

Introduced: May 24, 2022
Final action: Jul 8, 2022
Sponsors: Myrna Melgar
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How it got here

Document trail
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How they voted

RECOMMENDED
Government Audit and Oversight Committee · Jun 16, 2022Pass
1-0 /1

Legislative journey

PresidentMay 24, 2022 – Jun 7, 2022
RECEIVED AND ASSIGNED
·TRANSFERRED
Government Audit and Oversight CommitteeJun 16, 2022
RECOMMENDEDPass
Board of SupervisorsJun 28, 2022
ADOPTEDPass
MayorJul 8, 2022
APPROVED