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Ordinance#241120Passed
In plain English
This ordinance allows the City to issue up to $25 million in refunding Certificates of Participation to pay off existing debt related to improvements at the Port Commission properties, including the James R. Herman Cruise Terminal. It also approves necessary agreements and documents for the sale and management of these certificates.
Ordinance authorizing the execution and delivery from time to time of refunding Certificates of Participation evidencing and representing an aggregate principal amount of not to exceed $25,000,000 to prepay certain certificates of participation that financed the design, acquisition, construction, reconstruction, expansion, improvement, equipping, renewal, restoration, and/or replacement of certain capital improvements to properties of the Port Commission of the City and County of San Francisco; approving the form of Supplement to Trust Agreement between the City and County of San Francisco and U.S. Bank Trust Company, National Association (as successor-in-interest to U.S. Bank National Association), as trustee (“Trustee”); approving the form of Supplement to Project Lease, between the City and County of San Francisco and the Trustee, relating to the lease and lease back of all or a portion of the James R. Herman Cruise Terminal at Pier 27; approving the form of Escrow Agreement, Purchase Contract, Official Notice of Sale, and Notice of Intention to Sell Certificates; directing the publication of the Notice of Intention to Sell Certificates; approving the form of the Preliminary Official Statement and the form and execution of the Official Statement relating to the sale of the Certificates; approving the form of the Continuing Disclosure Certificate; granting general authority to City officials to take necessary actions in connection with the authorization, execution, sale and delivery of the Certificates, approving modifications to documents and agreements; and ratifying previous actions taken in connection therewith, as defined herein.
How it got here
Document trail
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Leg Dig Ver1
PDF ↗Official legislation text
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BLA Rpt 012925
PDF ↗Budget and Legislative Analyst
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How they voted
FINALLY PASSED
Board of Supervisors · Feb 11, 2025Pass
10-0
PASSED ON FIRST READING
Board of Supervisors · Feb 4, 2025Pass
10-0
RECOMMENDED
Budget and Finance Committee · Jan 29, 2025Pass
2-0
Legislative journey
PresidentNov 19, 2024
→ASSIGNED UNDER 30 DAY RULE
Budget and Finance CommitteeJan 29, 2025
✓RECOMMENDEDPass
Board of SupervisorsFeb 4, 2025 – Feb 11, 2025
✓PASSED ON FIRST READINGPass
✓FINALLY PASSEDPass
MayorFeb 14, 2025
✓APPROVED