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Resolution#240997Passed
In plain English

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.

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

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.

1
Resolution Declaring Need for Affordable HousingJuly 9, 2019
San Francisco Board of Supervisors

The Board adopted Resolution No. 308-19, declaring the necessity for affordable housing improvements in San Francisco.

Leg Final
2
2019 Bond Ordinance PassedJuly 30, 2019
San Francisco Board of Supervisors

The Board passed Ordinance No. 168-19, calling for a special election to incur bonded indebtedness for affordable housing.

Leg Final
3
Proposition A ApprovedNovember 5, 2019
San Francisco Voters

Voters approved Proposition A, allowing the City to incur up to $600 million in general obligation bonds for affordable housing.

Leg Final
4
Authorizing Resolution for Bond IssuanceOctober 6, 2020
San Francisco Board of Supervisors

The Board adopted Resolution No. 448-20, authorizing the issuance of general obligation bonds for affordable housing.

Leg Final
5
Request for Bond IssuanceOctober 8, 2024
Office of Public Finance

The Office of Public Finance requested the Board to consider resolutions for the issuance of Series 2024C bonds for affordable housing.

OPF Memo 100824
6
Committee RecommendationNovember 13, 2024
Budget and Finance Committee

The Budget and Finance Committee recommended the passage of the resolution authorizing the issuance of the bonds.

Cmte Pkt 111324
7
Resolution AdoptedNovember 19, 2024
San Francisco Board of Supervisors

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

Action History
8
Mayor's ApprovalNovember 25, 2024
Mayor of San Francisco

The Mayor approved the resolution, finalizing the authorization for the bond issuance.

Action History

Reconstructed from attached documents & the official record

Related / predecessor legislation
โ†‘ predecessor#190495โ€” not yet in database
โ†‘ predecessor#190501โ€” not yet in database
โ†‘ predecessor#191225โ€” not yet in database
โ†‘ predecessor#201092โ€” 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