This ordinance allows the San Francisco Public Utilities Commission to issue up to $292.8 million in bonds to fund various capital projects for the Power Enterprise. It also authorizes the refinancing of existing debt and confirms the Commission's intent to reimburse itself through these bond issuances.
Ordinance authorizing the issuance and sale of tax-exempt or taxable Power Revenue Bonds and other forms of indebtedness (as described below) by the San Francisco Public Utilities Commission (SFPUC) (“Commission”) in an aggregate principal amount not to exceed $292,825,860 to finance the costs of various capital projects benefitting the Power Enterprise pursuant to amendments to the Charter enacted by the voters on June 5, 2018, as Proposition A; authorizing the issuance of Power Revenue Refunding Bonds and the retirement of outstanding Power 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 projects for the Power Enterprise, authorized by Proposition A approved by voters in 2018.
Proposition A amended the City Charter to allow the San Francisco Public Utilities Commission (SFPUC) to issue revenue bonds for capital projects related to water, clean water, and power facilities.
The SFPUC adopted a resolution to issue Power Revenue Bonds and other forms of indebtedness to finance capital projects benefitting the Power Enterprise.
The Mayor's Office submitted the proposed budget including the ordinance for the issuance of Power Revenue Bonds to the Board of Supervisors.
The Budget and Appropriations Committee recommended the ordinance for the issuance of Power Revenue Bonds for approval.
The Board of Supervisors passed the ordinance on first reading, authorizing the issuance of Power Revenue Bonds.
The Board of Supervisors finally passed the ordinance authorizing the issuance of Power Revenue Bonds.
The Mayor approved the ordinance authorizing the issuance of Power Revenue Bonds.
Reconstructed from attached documents & the official record
