This resolution allows San Francisco to issue and sell up to $124 million in bonds to fund earthquake safety improvements for the Embarcadero Seawall. It outlines the terms and processes for the bond sale and grants city officials the authority to manage the related actions.
Resolution authorizing the issuance and sale of not to exceed $124,000,000 aggregate principal amount in one or more series of bonds on a tax-exempt or taxable basis of City and County of San Francisco General Obligation Bonds (Embarcadero Seawall Earthquake Safety, 2018) Series 2024A; prescribing the form and terms of such bonds; providing for the appointment of depositories and other agents for such bonds; providing for the establishment of accounts and/or subaccounts related to such bonds; authorizing the sale of such bonds by competitive or negotiated sale; approving the forms of the Official Notice of Sale and Notice of Intention to Sell Bonds and directing the publication of the Notice of Intention to Sell Bonds; approving the form of the Purchase Contract; approving the form of the Preliminary Official Statement and the execution of the Official Statement relating to the sale of such bonds; approving the form of the Continuing Disclosure Certificate; authorizing and approving modifications to such documents; ratifying certain actions previously taken, as defined herein; and granting general authority to City officials to take necessary actions in connection with the authorization, issuance, sale, and delivery of such bonds, as defined herein.
How it got here
The legislation originated from the need to finance the Embarcadero Seawall improvements as mandated by previous voter-approved propositions.
The Board adopted Resolution No. 183-18, declaring the necessity for improvements to the Embarcadero Seawall.
The Board passed Ordinance No. 146-18, calling for a special election to incur bonded indebtedness for the seawall project.
Voters approved Proposition A, allowing the City to incur $425 million in bonded indebtedness for the seawall project.
The Board adopted Resolution No. 323-19, authorizing the issuance of General Obligation Bonds for the seawall project.
The Office of Public Finance requested the Board to consider resolutions for the issuance of the Series 2024A Bonds.
The Board adopted the resolution authorizing the issuance and sale of not to exceed $124 million in General Obligation Bonds.
The Mayor approved the resolution, finalizing the authorization for the bond issuance.
Reconstructed from attached documents & the official record