This resolution allows San Francisco to issue and sell up to $150 million in general obligation bonds to fund health and recovery initiatives. It also outlines the terms, procedures, and necessary approvals for the bond sale.
Resolution authorizing the issuance and sale of not to exceed $150,000,000 aggregate principal amount of one or more series of bonds on a tax-exempt or taxable basis of City and County of San Francisco General Obligation Bonds (Health and Recovery, 2020), Series 2025G; prescribing the form and terms of such bonds and any subseries designation; providing for the appointment of depositories and other agents for such bonds; providing for the establishment of accounts and/or subaccounts related to such bonds; authorizing the sale of such bonds by competitive or negotiated sale; approving the forms of the Official Notice of Sale and Notice of Intention to Sell Bonds and directing the publication of the Notice of Intention to Sell Bonds; approving the form of the Purchase Contract; approving the form of the Preliminary Official Statement and the execution of the Official Statement relating to the sale of such bonds; approving the form of the Continuing Disclosure Certificate; authorizing and approving modifications to such 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 such bonds, as defined herein.
How it got here
The legislation originated from the need to finance public health and recovery projects in San Francisco through the issuance of general obligation bonds.
The Board adopted Resolution No. 317-20, declaring the necessity for public improvements related to health and recovery services.
The Board passed Ordinance No. 116-20, calling for a special election to incur bonded indebtedness for public improvements.
Voters approved Proposition A, allowing the City to issue up to $487,500,000 in general obligation bonds for health and recovery projects.
The Board adopted Resolution No. 234-21, authorizing the issuance of general obligation bonds for health and recovery.
The Mayor's Office submitted a resolution to authorize the issuance and sale of up to $150,000,000 in Series 2025G bonds.
The Capital Planning Committee approved the resolution for the sale of the Series 2025G bonds.
The Budget and Finance Committee recommended the resolution for the issuance of the bonds.
The Board of Supervisors adopted the resolution authorizing the issuance and sale of the Series 2025G bonds.
The Mayor approved the resolution, finalizing the authorization for the bond issuance.
Reconstructed from attached documents & the official record
This ordinance allocates $150 million from 2020 Health and Recovery bonds to the Department of Public Health and the Mayor’s Office of Housing and Community Development for acquiring and improving facilities related to behavioral and mental health, as well as supportive housing and shelters for Fiscal Year 2025-2026. The funds will be held in reserve until the bond proceeds are received.
This ordinance removes $160,467,200 in funding from the 2020 Health and Recovery General Obligation Bonds that was allocated to the Department of Public Health and the Department of Homelessness and Supportive Housing for the fiscal year 2025-2026. The funds will no longer be available for their intended purposes.
This ordinance allocates $150 million from 2020 Health and Recovery bonds to the Department of Public Health and the Mayor’s Office of Housing and Community Development for acquiring and improving facilities related to behavioral and mental health, as well as supportive housing and shelters for Fiscal Year 2025-2026. The funds will be held in reserve until the bond proceeds are received.
This ordinance removes $160,467,200 in funding from the 2020 Health and Recovery General Obligation Bonds that was allocated to the Department of Public Health and the Department of Homelessness and Supportive Housing for the fiscal year 2025-2026. The funds will no longer be available for their intended purposes.
