This ordinance allows the San Francisco Public Utilities Commission to issue up to $1.05 billion in bonds to fund various water projects. It also permits the refinancing of existing water-related debt and confirms prior actions related to these financial activities.
Ordinance authorizing the issuance and sale of tax-exempt or taxable Water Revenue Bonds and other forms of indebtedness by the San Francisco Public Utilities Commission (“Commission”) in an aggregate principal amount not to exceed $1,054,138,857 to finance the costs of various capital water and Hetch Hetchy Water projects benefitting the Water Enterprise pursuant to amendments to the San Francisco Charter enacted by the voters on November 5, 2002, as Proposition E; authorizing the issuance of Water Revenue Refunding Bonds and the retirement of outstanding Water Enterprise Commercial Paper; declaring the Official Intent of the Commission to reimburse itself with one or more issues of tax-exempt bonds or other forms of indebtedness; and ratifying previous actions taken in connection with the previously listed matters.
How it got here
The legislation originated from the need to finance various capital water and Hetch Hetchy Water projects through the issuance of Water Revenue Bonds, as authorized by Proposition E approved by voters in 2002.
Proposition E authorized the San Francisco Public Utilities Commission to issue revenue bonds for water and wastewater projects.
The Commission determined to issue Water Revenue Bonds and other forms of indebtedness to finance capital projects benefitting the Water Enterprise.
The Mayor's Office submitted the proposed budget and related legislation, including the ordinance for Water Revenue Bonds, to the Board of Supervisors.
The Committee amended the ordinance and recommended it for approval to the Board of Supervisors.
The Board of Supervisors continued the ordinance on first reading.
The Board passed the ordinance on first reading.
The Board finally passed the ordinance authorizing the issuance of Water Revenue Bonds.
The Mayor approved the ordinance, finalizing the authorization for the issuance of Water Revenue Bonds.
Reconstructed from attached documents & the official record
This ordinance increases the borrowing limits for the Wastewater, Water, and Power Enterprises to fund various capital projects on a short-term basis. It raises the total borrowing capacity from $1.5 billion to $2.45 billion across these utilities.
This ordinance allows the San Francisco Public Utilities Commission to issue up to $1.04 billion in bonds to fund various water projects. It also includes provisions for refinancing existing debt and outlines the Commission's intent to reimburse itself for related expenses.
