The ordinance authorizes the City to issue up to $29 million in Certificates of Participation to help fund the acquisition of the Concourse Garage. It also allows for the issuance of commercial paper notes and outlines various agreements related to the financing and management of the property.
Ordinance authorizing the execution and delivery of Certificates of Participation on a tax-exempt or taxable basis evidencing and representing an aggregate principal amount of not to exceed $29,000,000 to fund all or a portion of the acquisition of the Concourse Garage; authorizing the issuance of commercial paper notes in advance of the delivery of the Certificates; approving the form of Trust Agreement between the City and County of San Francisco and the Trustee (including certain indemnities contained therein); authorizing the selection of the Trustee by the Director of Public Finance; approving respective forms of a Property Lease and a Lease Agreement, each between the City and County of San Francisco and the Trustee for the lease and lease back of certain property and facilities of the City; approving the forms of Purchase Contract, Official Notice of Sale, and Notice of Intention to Sell Certificates; directing the publication of the Notice of Intention to Sell Certificates; approving the form of the Preliminary Official Statement and the form and execution of the Official Statement relating to the sale of the Certificates; approving the form of the Continuing Disclosure Certificate; granting general authority to City officials to take necessary actions in connection with the authorization, execution, sale and delivery of the Certificates, including termination of the Ground Lease and transfer of the Concourse Garage property and related property to the City and County of San Francisco under the jurisdiction of the Recreation and Park Commission; approving modifications to documents and agreements; declaring the City’s intent to reimburse certain expenditures; and ratifying previous actions taken in connection therewith, as defined herein.
How it got here
The legislation to authorize the issuance of Certificates of Participation for the acquisition of the Concourse Garage originated from a series of prior actions and approvals by the City and County of San Francisco.
Proposition J was approved, designating land in Golden Gate Park for the construction of the Concourse Garage and placing it under the jurisdiction of a city-controlled non-profit.
A ground lease was executed allowing the Music Concourse Community Partnership to construct and operate the Concourse Garage.
Proposition N was approved, allowing the City to use public funds to acquire and operate the Concourse Garage.
The Controller submitted a request to authorize the issuance of Certificates of Participation to fund the acquisition of the Concourse Garage.
The Capital Planning Committee approved the ordinance authorizing the issuance of Certificates of Participation for the Concourse Garage.
The Budget and Finance Committee recommended the ordinance as amended for the issuance of Certificates of Participation.
The Board of Supervisors finally passed the ordinance authorizing the issuance of Certificates of Participation for the Concourse Garage.
Reconstructed from attached documents & the official record
