This ordinance allows San Francisco to issue up to $65 million in Certificates of Participation to fund public improvements on Treasure Island. It also approves various agreements and documents related to the financing and management of these funds.
Ordinance authorizing the execution and delivery from time to time of Certificates of Participation, in one or more series on a tax-exempt and/or taxable basis, evidencing and representing an aggregate principal amount of not to exceed $65,000,000 as the first tranche of the Stage 2 Alternative Financing to finance public improvements within the boundaries of Stage 2 of the Treasure Island project, approving the form of a Trust Agreement (including the form of a Supplement to Trust Agreement) between the City and County of San Francisco (“City”) and U.S. Bank Trust Company, National Association, as trustee (including certain indemnities contained therein); approving respective forms of a Property Lease (including the form of a Supplement to the Property Lease) and a Lease Agreement (including the form of a Supplement to the Lease Agreement), each between the City and such trustee for the lease and leaseback of certain real property and improvements located at 1995 Evans Avenue, or other property as determined by the Director of Public Finance; approving the form of an Official Notice of Sale and a Notice of Intention to Sell the Certificates of Participation; approving the form of an Official Statement in Preliminary and Final form; approving the form of a purchase contract between the City and one or more initial purchasers of the Certificates; approving the form of a Continuing Disclosure Certificate; granting general authority to City officials to take necessary actions in connection with the authorization, sale, execution, and delivery of the Certificates of Participation; approving modifications to documents; declaring the intent to reimburse expenditures from proceeds of tax-exempt obligations; approving amendments to the Special Fund Administration Agreement for the Treasure Island project; and ratifying previous actions taken in connection therewith, as defined herein.
How it got here
The legislation originated from the need to finance public improvements for the Treasure Island project through Certificates of Participation.
The Board approved the Disposition and Development Agreement (DDA) and the Development Agreement (DA) with Treasure Island Community Development, LLC, establishing the framework for the Treasure Island project.
The Board approved an amendment and restatement of the DDA, including a new Financing Plan to generate up to $115 million for Stage 2 project costs.
The Office of Public Finance recommended the Board approve the COPs Ordinance to authorize the issuance of up to $65 million in Certificates of Participation for Stage 2 infrastructure projects.
The Budget and Finance Committee recommended the passage of the COPs Ordinance, which was subsequently presented to the Board of Supervisors.
The Board of Supervisors conducted the first reading of the ordinance authorizing the COPs for the Treasure Island project.
The Board of Supervisors finally passed the ordinance, allowing for the execution and delivery of the Certificates of Participation.
The Mayor approved the ordinance, finalizing the authorization for the Certificates of Participation to finance public improvements on Treasure Island.
Reconstructed from attached documents & the official record
This ordinance allocates $65,550,000 to the Treasure Island Development Authority for infrastructure projects. It includes funding from various sources, such as Certificates of Participation and special taxes, and sets these amounts aside for the fiscal year 2024-2025.
This resolution allows the City and County of San Francisco to treat the Stage 2 Contribution for the Treasure Island Infrastructure and Revitalization Financing District as city debt. It also addresses related administrative matters.
This resolution updates San Francisco's 10-year capital expenditure plan for fiscal years 2024 to 2033, specifically regarding the certificates of participation program. It allows the city to finance various public projects through this funding mechanism.
This ordinance allocates $65,550,000 to the Treasure Island Development Authority for infrastructure projects. It includes funding from various sources, such as Certificates of Participation and special taxes, and sets these amounts aside for the fiscal year 2024-2025.
This resolution allows the City and County of San Francisco to treat the Stage 2 Contribution for the Treasure Island Infrastructure and Revitalization Financing District as city debt. It also addresses related administrative matters.
This resolution updates San Francisco's 10-year capital expenditure plan for fiscal years 2024 to 2033, specifically regarding the certificates of participation program. It allows the city to finance various public projects through this funding mechanism.