This ordinance allocates $379 million for the Refunding Certificates of Participation Series 2025R, which includes $350 million from new proceeds and $29 million from prior debt reserves. The funds will be held in reserve by the Controller until the sale of the certificates in the 2024-2025 fiscal year.
Ordinance appropriating $379,000,000 consisting of $350,000,000 of Refunding Certificates of Participation Series 2025R proceeds and $29,000,000 of Series 2017B Prior Debt Service Reserve to the Refunding Certificates of Participation Series 2025R and placing these funds on Controller’s Reserve pending the sale of the Certificates of Participation in Fiscal Year (FY) 2024-2025.
How it got here
This legislation originated from the need to refinance existing debt associated with the Moscone Convention Center expansion project through the issuance of new Certificates of Participation.
The Board approved the issuance of up to $507,880,000 in Certificates of Participation (COPs) to finance the expansion of the Moscone Convention Center.
The Office of Public Finance issued $412,355,000 in Series 2017B COPs to finance improvements related to the Moscone Convention Center.
The Mayor's Office submitted an ordinance to the Board of Supervisors to appropriate $379,000,000 for the issuance of Refunding Certificates of Participation to refinance the 2017B COPs.
The Controller's Office requested the Board to review and adopt the ordinance authorizing the execution and delivery of the Series 2025R Refunding COPs.
The Budget and Finance Committee recommended the passage of the ordinance to the Board of Supervisors.
The Board of Supervisors passed the ordinance on first reading, moving it forward for final approval.
The Board of Supervisors finally passed the ordinance, allowing for the appropriation of funds for the Refunding COPs.
The City anticipates the sale and closing of the Refunding COPs, pending favorable market conditions.
Reconstructed from attached documents & the official record
