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Resolution#240996Passed
In plain English

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.

Introduced: Oct 8, 2024
Final action: Nov 25, 2024
Official record โ†—

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.

1
Initial Resolution for Emergency ProjectsJune 11, 2019
Board of Supervisors

The Board adopted Resolution No. 280-19, declaring the necessity for improvements to emergency firefighting and public safety infrastructure.

Leg Final
2
Bond Ordinance PassedJuly 9, 2019
Board of Supervisors

The Board passed Ordinance No. 159-19, calling for a special election to incur bonded indebtedness of $628,500,000 for emergency projects.

Leg Final
3
Voter Approval for BondsMarch 3, 2020
Voters

Voters approved the bond proposition during the election, allowing the City to incur bonded indebtedness for emergency response projects.

Leg Final
4
Authorization for Bond IssuanceJanuary 26, 2021
Board of Supervisors

The Board adopted Resolution No. 023-21, authorizing the issuance of General Obligation Bonds for the Earthquake Safety and Emergency Response program.

Leg Final
5
First Series of Bonds IssuedMarch 30, 2021
City

The City issued its first series of bonds amounting to $80,715,000 to finance the emergency response projects.

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6
Second Series of Bonds IssuedAugust 5, 2021
City

The City issued its second series of bonds amounting to $87,090,000 for the same emergency response projects.

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7
Request for Third Bond IssuanceOctober 8, 2024
Office of Public Finance

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.

CON OPF Memo 100824
8
Resolution AdoptedNovember 19, 2024
Board of Supervisors

The Board adopted the resolution authorizing the issuance and sale of the Series 2024B bonds.

Leg Final

Reconstructed from attached documents & the official record

Related / predecessor legislation
โ†‘ predecessor#190494โ€” not yet in database
โ†‘ predecessor#190500โ€” not yet in database
โ†‘ predecessor#200338โ€” not yet in database
โ†‘ predecessor#201294โ€” not yet in database
Document trail
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BLA Rpt 111324
Budget and Legislative Analyst
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How they voted

RECOMMENDED
Budget and Finance Committee ยท Nov 13, 2024Pass
2-0 /1

Legislative journey

PresidentOct 8, 2024
โ†’RECEIVED AND ASSIGNED
Budget and Finance CommitteeNov 13, 2024
โœ“RECOMMENDEDPass
Board of SupervisorsNov 19, 2024
โœ“ADOPTEDPass
MayorNov 25, 2024
โœ“APPROVED