This resolution allows San Francisco to issue and sell up to $40 million in taxable general obligation bonds to fund affordable housing preservation and seismic safety projects. It outlines the terms of the bonds, the process for their sale, and grants city officials the authority to manage the issuance and related actions.
Resolution authorizing the issuance and sale of not to exceed $40,000,000 aggregate principal amount of City and County of San Francisco Taxable General Obligation Bonds (Affordable Housing, 2016 - Preservation and Seismic Safety), Series 2025E; prescribing the form and terms of said bonds; providing for the appointment of depositories and other agents of said bonds; providing for the establishment of accounts related to said bonds; authorizing the sale of said bonds by competitive or negotiated sale; approving the forms of the Official Notice of Sale and the Notice of Intention to Sell Bonds and directing the publication of the Notice of Intention to Sell Bonds; approving the form of the Bond Purchase Contract; approving the form of the Preliminary Official Statement and the execution of the Official Statement relating to the sale of said bonds; approving the form of the Continuing Disclosure Certificate; authorizing and approving modifications to said 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 said bonds, as defined herein.
How it got here
The legislation originated from the need to issue bonds for affordable housing and seismic safety improvements as part of a long-standing program established by previous voter-approved measures.
The Board adopted Ordinance No. 217-92, calling for a special election to incur bonded indebtedness for a seismic safety loan program, which was approved by voters as Proposition A.
Voters approved Proposition A, allowing the City to incur $350 million in general obligation bonds for seismic strengthening of unreinforced masonry buildings.
The Board determined it was in the public interest to access remaining bonding authority under the seismic safety programs and expand permitted uses for funds to include affordable housing.
Voters approved Proposition C, amending Proposition A to allow for the financing of at-risk multi-unit residential buildings and their conversion to permanent affordable housing.
The Board authorized the issuance of bonds under Proposition C in the amount of $260,684,550.
The Controller's Office introduced a resolution to authorize the issuance of up to $40 million in Taxable General Obligation Bonds (Series 2025E) for affordable housing and seismic safety.
The Budget and Finance Committee recommended the resolution for the issuance of the bonds, which was subsequently adopted by the Board.
The Board adopted the resolution authorizing the issuance and sale of the bonds, which was later approved by the Mayor.
Reconstructed from attached documents & the official record
This ordinance allocates $40 million from future General Obligation Bond proceeds to the Mayor’s Office of Housing and Community Development for acquiring and improving at-risk multi-unit residential buildings to create permanent affordable housing. The funds will be held in reserve until the bonds are sold in the 2024-2025 fiscal year.
