This ordinance allows the San Francisco Public Utilities Commission to issue up to $1.7 billion in bonds to fund wastewater projects. It also authorizes the refinancing of existing debt related to the Wastewater Enterprise.
Ordinance authorizing the issuance and sale of tax-exempt or taxable Wastewater Revenue Bonds and other forms of indebtedness by the San Francisco Public Utilities Commission (“Commission”) in an aggregate principal amount not to exceed $1,715,671,086 to finance the costs of various capital wastewater projects benefitting the Wastewater Enterprise pursuant to amendments to the Charter of the City and County of San Francisco enacted by the voters on November 5, 2002, as Proposition E; authorizing the issuance of Wastewater Revenue Refunding Bonds and the retirement of outstanding Wastewater Enterprise Commercial Paper; declaring the Official Intent of the Commission to reimburse itself with one or more issues of tax-exempt or taxable bonds or other forms of indebtedness; and ratifying previous actions taken in connection therewith, as defined herein.
How it got here
The legislation originated from the need to finance various capital wastewater projects through the issuance of revenue bonds as authorized by Proposition E.
Voters approved Proposition E, which authorized the San Francisco Public Utilities Commission to issue revenue bonds for water and wastewater projects.
The Commission adopted a resolution to issue Wastewater Revenue Bonds and other forms of indebtedness to finance capital projects benefitting the Wastewater Enterprise.
The Mayor's Office submitted the proposed ordinance to authorize the issuance of Wastewater Revenue Bonds not to exceed $1,715,671,086.
The Budget and Appropriations Committee recommended the ordinance for passage.
The Board of Supervisors passed the ordinance on first reading.
The Board of Supervisors finally passed the ordinance.
The Mayor approved the ordinance authorizing the issuance of Wastewater Revenue Bonds.
Reconstructed from attached documents & the official record
This ordinance increases the borrowing limits for the Wastewater, Water, and Power Enterprises to fund various capital projects on a short-term basis. It raises the total borrowing capacity from $1.5 billion to $2.45 billion across these utilities.
