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.
Ordinance authorizing (i) an increase of the aggregate principal amount of the Wastewater Enterprise’s Interim Funding Program from an aggregate principal amount of $750,000,000 to a not to exceed aggregate principal amount of $1,250,000,000 to finance on a short-term interim basis various capital projects benefitting the Wastewater Enterprise; (ii) an increase of the aggregate principal amount of the Water Enterprise’s Interim Funding Program from an aggregate principal amount of $500,000,000 to a not to exceed aggregate principal amount of $750,000,000 to finance on a short-term interim basis various capital projects benefitting the Water Enterprise; and (iii) an increase of the aggregate principal amount of the Power Enterprise’s Interim Funding Program from an aggregate principal amount of $250,000,000 to a not to exceed aggregate principal amount of $450,000,000 to finance on a short-term interim basis various capital projects benefitting the Power Enterprise; and ratifying previous actions taken in connection therewith, as defined herein.
How it got here
The legislation originated from the need to expand the interim funding programs for the Wastewater, Water, and Power Enterprises to support increased capital project financing.
The Commission approved Resolution No. 24-0193 to authorize the expansion of the Wastewater, Water, and Power Enterprise Interim Funding Programs, increasing their respective limits to $1.25 billion, $750 million, and $450 million.
The Board adopted Ordinance No. 125-24, which authorized the issuance of up to $4,030,588,703 of Wastewater Enterprise revenue bonds and other forms of indebtedness under Proposition E.
The Board adopted Ordinance No. 131-24, which authorized the issuance of up to $1,887,552,493 of water revenue bonds and other forms of indebtedness under Proposition E.
The Board adopted Ordinance No. 110-22, which authorized the issuance of up to $836,960,525 of Power Enterprise revenue bonds and other forms of indebtedness under Proposition A.
The Commission adopted the 10-Year Capital Plans for the Wastewater, Water, and Power Enterprises, reflecting a 34.4% increase in size from previous plans, necessitating expanded interim funding.
The Budget and Finance Committee recommended the ordinance for the expansion of the interim funding programs.
The Board of Supervisors finally passed the ordinance authorizing the increases in the interim funding programs.
Reconstructed from attached documents & the official record
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.
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.
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.
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.
