The ordinance allocates $571 million from General Obligation Bond proceeds for various projects, including seawall improvements, emergency response facilities, and affordable housing initiatives. It sets aside these funds in the Controller's Reserve until the bond proceeds are received.
Ordinance appropriating a total $571,000,000 of General Obligation (GO) Bond proceeds, including: $124,000,000 of proceeds from Series 2024A Embarcadero Seawall GO Bonds to the Port of San Francisco (PRT) for planning, engagement, program management, pilot projects, Embarcadero early project pre-design, detailed design, construction, and a flood study with the United States Army Corps of Engineers; $225,000,000 from Series 2024B Earthquake Safety and Emergency Response GO Bonds to Department of Public Works (DPW) and the Public Utilities Commission (PUC) for Fire Department and Police facilities, and emergency firefighting water system improvements; $70,000,000 from Series 2024C Affordable Housing to the Mayor’s Office of Housing and Community Development (MOHCD) for low-income, preservation and middle income, senior, and educator housing projects; $152,000,000 from Series 2024D Affordable Housing to the Mayor’s Office of Housing and Community Development (MOHCD) for low-income, preservation, and victims and survivor housing projects in Fiscal Year (FY) 2024-2025; and placing these funds on Controller’s Reserve pending receipt of bond proceeds.
How it got here
The legislation originated from the need to appropriate funds from various General Obligation Bonds for critical infrastructure projects in San Francisco.
Voters approved Proposition A, authorizing the sale of up to $425 million in General Obligation Bonds for the Embarcadero Seawall project to protect against earthquakes and flooding.
Voters approved Proposition B, allowing the sale of up to $628.5 million in General Obligation Bonds for Earthquake Safety and Emergency Response projects.
Voters approved Proposition A, authorizing the sale of up to $600 million in General Obligation Bonds for affordable housing projects.
Voters approved a new Proposition A, allowing the sale of up to $300 million in General Obligation Bonds for affordable housing projects.
The Office of Public Finance introduced an ordinance to appropriate $571 million from the Series 2024ABCD General Obligation Bond proceeds for various projects.
The Budget and Finance Committee recommended the ordinance for approval, which included funding allocations for the Port of San Francisco, Department of Public Works, Public Utilities Commission, and Mayor’s Office of Housing and Community Development.
The Board of Supervisors passed the ordinance on its second reading, finalizing the appropriation of the General Obligation Bond proceeds.
The Mayor approved the ordinance, allowing the funds to be placed on Controller’s Reserve pending receipt of bond proceeds.
Reconstructed from attached documents & the official record
