The ordinance allows San Francisco to issue up to $61.4 million in Certificates of Participation to fund repairs and improvements to city-owned buildings and infrastructure. It also outlines the necessary agreements and authorizations for the sale and management of these financial instruments.
Ordinance authorizing the execution and delivery of Certificates of Participation, in one or more series on a tax-exempt and/or taxable basis and from time to time, evidencing and representing an aggregate principal amount of not to exceed $61,395,000 (“Certificates”), to finance and refinance certain capital improvement projects within the City and County of San Francisco’s (“City”) capital plan and generally consisting of critical repairs, renovations and improvements to City-owned buildings, facilities, streets and works maintained and utilized by various City departments; approving the form of a Supplement to Trust Agreement between the City and U.S. Bank Trust Company, National Association (as successor-in-interest to U.S. Bank National Association), as trustee (“Trustee”) (including certain indemnities contained therein); approving respective forms of a Supplement to Property Lease and a Supplement to Project Lease, each between the City and the Trustee, for the lease to the Trustee and lease back to the City of all or a portion of certain real property and improvements owned by the City and located at 375 Laguna Honda Boulevard within the City, at 1 South Van Ness Avenue within the City and at 1 Moreland Drive, San Bruno, California, together with any other property determined by the City’s Director of Public Finance to be made subject to the lease and lease back arrangements; approving the form of an Official Notice of Sale and a Notice of Intention to Sell the Certificates; approving the form of an Official Statement in preliminary and final form; approving the form of a purchase contract between the City and one or more initial purchasers of the Certificates; approving the form of a Continuing Disclosure Certificate, as defined herein; granting general authority to City officials to take necessary actions in connection with the authorization, sale, execution and delivery of the Certificates; approving modifications to documents; ratifying previous actions taken in connection therewith, as defined herein; and repealing and rescinding a portion of the authorization to execute and deliver certificates of participation of the City established through the adoption of Ordinance No. 101-23 of the City on June 2, 2023.
How it got here
The legislation originated from the need to finance critical repairs and improvements to City-owned properties through Certificates of Participation.
The Capital Planning Committee approved the recommendation to authorize the issuance of Certificates of Participation for critical repairs and street resurfacing projects.
The Board of Supervisors introduced the ordinance authorizing the execution and delivery of Certificates of Participation not to exceed $61,395,000.
The Office of Public Finance submitted a memorandum detailing the proposed COPs to finance critical repairs and street resurfacing projects, outlining the financial structure and anticipated uses of funds.
The Budget and Finance Committee held a hearing and recommended the ordinance for approval.
The Board of Supervisors passed the ordinance on first reading, authorizing the issuance of COPs.
The Board of Supervisors finally passed the ordinance, allowing for the execution and delivery of the COPs.
The Mayor approved the ordinance, finalizing the authorization for the COPs.
Reconstructed from attached documents & the official record
The ordinance authorizes the City to issue up to $77.17 million in Certificates of Participation to finance and refinance capital improvement projects, including repairs and renovations to City-owned buildings and facilities. It also includes provisions for leasing arrangements and grants authority to City officials to manage the process.
The ordinance allows the City to issue up to $140 million in Certificates of Participation to fund various capital improvement projects, including repairs and renovations to city-owned buildings and infrastructure. This financing aims to support the city's recovery from the COVID-19 pandemic and enhance resilience and equity in San Francisco.
The ordinance allows the City to issue up to $67.5 million in Certificates of Participation to fund various capital improvement projects, including repairs and renovations to City-owned buildings and facilities. It also includes provisions for leasing property and managing the financial aspects of these projects to support the City's recovery from the COVID-19 pandemic.
