This resolution allows San Francisco to issue and sell up to $225 million in bonds to fund earthquake safety and emergency response initiatives. It outlines the terms and processes for the bond sale, including appointing agents and approving necessary documents.
Resolution authorizing the issuance and sale of not to exceed $225,000,000 aggregate principal amount of one or more series of bonds on a tax-exempt or taxable basis of City and County of San Francisco General Obligation Bonds (Earthquake Safety and Emergency Response, 2020), Series 2024B; prescribing the form and terms of such bonds and any subseries designation; 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 earthquake safety and emergency response projects in San Francisco, following prior voter-approved bonds.
The Board adopted Resolution No. 280-19, declaring the necessity for improvements to emergency firefighting and public safety infrastructure.
The Board passed Ordinance No. 159-19, calling for a special election to incur bonded indebtedness of $628,500,000 for emergency projects.
Voters approved the bond proposition during the election, allowing the City to incur bonded indebtedness for emergency response projects.
The Board adopted Resolution No. 023-21, authorizing the issuance of General Obligation Bonds for the Earthquake Safety and Emergency Response program.
The City issued its first series of bonds amounting to $80,715,000 to finance the emergency response projects.
The City issued its second series of bonds amounting to $87,090,000 for the same emergency response projects.
The Office of Public Finance requested the Board to approve the issuance of a third series of bonds not to exceed $225,000,000 for ongoing emergency response projects.
The Board adopted the resolution authorizing the issuance and sale of the Series 2024B bonds.
Reconstructed from attached documents & the official record