This ordinance allows the San Francisco Public Utilities Commission to issue up to $1.04 billion in bonds to fund various water projects. It also includes provisions for refinancing existing debt and outlines the Commission's intent to reimburse itself for related expenses.
Ordinance authorizing the issuance and sale of tax-exempt or taxable Water Revenue Bonds and other forms of indebtedness (as described below) by the San Francisco Public Utilities Commission (“Commission”) in an aggregate principal amount not to exceed $1,040,007,350 to finance the costs of various capital water and Hetch Hetchy Water projects benefitting the Water 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 Water Revenue Refunding Bonds and the retirement of outstanding Water Enterprise Commercial Paper; declaring the Official Intent of the Commission to reimburse itself with one or more issues of tax-exempt 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 water projects through the issuance of Water 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 clean water facilities.
The Commission adopted a resolution to issue Water Revenue Bonds and other forms of indebtedness to finance capital projects benefitting the Water Enterprise.
The Mayor's Office submitted the proposed budget including the ordinance for Water Revenue Bonds to the Board of Supervisors.
The committee reviewed and amended the ordinance authorizing the issuance of Water Revenue Bonds, increasing the amount to $1,040,007,350.
The committee recommended the ordinance for approval by the Board of Supervisors.
The Board passed the ordinance on first reading, authorizing the issuance of Water Revenue Bonds.
The Board finally passed the ordinance, completing the legislative process.
The Mayor approved the ordinance, allowing the issuance of Water 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.
This ordinance allows the San Francisco Public Utilities Commission to issue up to $1.05 billion in bonds to fund various water projects. It also permits the refinancing of existing water-related debt and confirms prior actions related to these financial activities.
