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Ordinance#241085Passed
In plain English

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.

Introduced: Nov 5, 2024
Final action: Dec 19, 2024
Official record ↗

How it got here

The legislation originated from the need to finance public improvements for the Treasure Island project through Certificates of Participation.

1
Approval of Development AgreementsJune 28, 2011
Board of Supervisors

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.

Leg Final
2
Amendment to Financing PlanApril 23, 2024
Board of Supervisors

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.

Leg Final
3
Recommendation for COPs OrdinanceNovember 5, 2024
Office of Public Finance

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.

OPF Memo 110524
4
Committee RecommendationDecember 4, 2024
Budget and Finance Committee

The Budget and Finance Committee recommended the passage of the COPs Ordinance, which was subsequently presented to the Board of Supervisors.

Board Pkt 121024
5
First Reading of COPs OrdinanceDecember 10, 2024
Board of Supervisors

The Board of Supervisors conducted the first reading of the ordinance authorizing the COPs for the Treasure Island project.

Action history
6
Final Passage of COPs OrdinanceDecember 17, 2024
Board of Supervisors

The Board of Supervisors finally passed the ordinance, allowing for the execution and delivery of the Certificates of Participation.

Action history
7
Approval of COPs OrdinanceDecember 19, 2024
Mayor

The Mayor approved the ordinance, finalizing the authorization for the Certificates of Participation to finance public improvements on Treasure Island.

Action history

Reconstructed from attached documents & the official record

Document trail
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Leg Dig Ver1
Official legislation text
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BLA Rpt 120424
Budget and Legislative Analyst
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How they voted

FINALLY PASSED
Board of Supervisors · Dec 17, 2024Pass
4-0 /1
RECOMMENDED
Budget and Finance Committee · Dec 4, 2024Pass
3-0

Legislative journey

PresidentNov 5, 2024
ASSIGNED
Budget and Finance CommitteeDec 4, 2024
RECOMMENDEDPass
Board of SupervisorsDec 10, 2024 – Dec 17, 2024
PASSED, ON FIRST READINGPass
FINALLY PASSEDPass
MayorDec 19, 2024
APPROVED