This resolution allows San Francisco to issue and sell up to $70 million in bonds to fund affordable housing projects. It outlines the terms and processes for the sale and management of these bonds, including appointing agents and establishing necessary accounts.
Resolution authorizing the issuance and sale of not to exceed $70,000,000 aggregate principal amount on a tax-exempt or taxable basis of City and County of San Francisco General Obligation Bonds (Social Bonds-Affordable Housing, 2019) Series 2024C; 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 affordable housing projects in San Francisco, following the approval of Proposition A in 2019.
The Board adopted Resolution No. 308-19, declaring the necessity for affordable housing improvements in San Francisco.
The Board passed Ordinance No. 168-19, calling for a special election to incur bonded indebtedness for affordable housing.
Voters approved Proposition A, allowing the City to incur up to $600 million in general obligation bonds for affordable housing.
The Board adopted Resolution No. 448-20, authorizing the issuance of general obligation bonds for affordable housing.
The Office of Public Finance requested the Board to consider resolutions for the issuance of Series 2024C bonds for affordable housing.
The Budget and Finance Committee recommended the passage of the resolution authorizing the issuance of the bonds.
The Board adopted the resolution authorizing the issuance and sale of the Series 2024C bonds.
The Mayor approved the resolution, finalizing the authorization for the bond issuance.
Reconstructed from attached documents & the official record