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Ordinance#250780Passed
In plain English

The ordinance authorizes the City to issue up to $65 million in Certificates of Participation to fund street resurfacing and curb ramp improvements. It also approves related agreements and grants city officials the authority to manage the process of issuing these certificates.

Ordinance authorizing the execution and delivery from time to time of tax-exempt or taxable Certificates of Participation, in one or more series, evidencing and representing an aggregate principal amount of not to exceed $65,000,000 (“Certificates”), to finance and refinance certain capital improvement projects within the City and County of San Francisco’s (“City”) contained in the Capital Plan and generally consisting of street resurfacing and curb ramp improvements; approving the form of a Supplement to Trust Agreement between the City and U.S. Bank Trust Company, National Association (as successor-in-interest to U.S. Bank National Association), as trustee (“Trustee”) (including certain indemnities contained therein); approving respective forms of a Supplement to Property Lease and a Supplement to Project Lease, each between the City and the Trustee, for the lease to the Trustee and lease back to the City of all or a portion of certain real property and improvements owned by the City, together with any other property determined by the City’s Director of Public Finance to be made subject to the lease and lease back arrangements; approving the form of an Official Notice of Sale and a Notice of Intention to Sell the Certificates; approving the form of an Official Statement in preliminary and final form; approving the form of a purchase contract between the City and one or more initial purchasers of the Certificates; approving the form of a Continuing Disclosure Certificate, as defined herein; granting general authority to City officials to take necessary actions in connection with the authorization, sale, execution, and delivery of the Certificates, as defined herein; approving modifications to documents; and ratifying previous actions taken in connection therewith, as defined herein.

Introduced: Jul 22, 2025
Final action: Sep 18, 2025
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How it got here

The legislation originated from the need to finance capital improvement projects in San Francisco, specifically street resurfacing and curb ramp improvements, through the issuance of Certificates of Participation.

1
Proposal for Certificates of ParticipationJuly 17, 2025
Office of Public Finance

The Office of Public Finance submitted a memorandum to the Board of Supervisors recommending the authorization of Certificates of Participation to finance street resurfacing and curb ramp projects.

OPF Memo 071725
2
Introduction of the OrdinanceJuly 22, 2025
Mayor's Office

The Mayor's Office introduced the ordinance to authorize the execution and delivery of tax-exempt or taxable Certificates of Participation for capital improvement projects.

MYR Memo 072225
3
Approval of the Capital PlanApril 15, 2025
Board of Supervisors

The Board approved the Ten-Year Capital Plan, which included funding for critical infrastructure projects, including street resurfacing and curb ramps.

OPF Memo 071725
4
Committee RecommendationSeptember 3, 2025
Budget and Finance Committee

The Budget and Finance Committee recommended the ordinance for approval, allowing the City to proceed with financing the capital improvement projects.

Action history
5
First Reading of the OrdinanceSeptember 9, 2025
Board of Supervisors

The Board of Supervisors passed the ordinance on first reading, moving forward with the authorization of the Certificates of Participation.

Action history
6
Final Passage of the OrdinanceSeptember 16, 2025
Board of Supervisors

The Board of Supervisors finally passed the ordinance, officially authorizing the issuance of the Certificates of Participation.

Action history
7
Mayoral ApprovalSeptember 18, 2025
Mayor

The Mayor approved the ordinance, allowing the City to execute the financing for the capital improvement projects.

Action history

Reconstructed from attached documents & the official record

Document trail
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Leg Dig Ver1
Official legislation text
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BLA Rpt 090325
Budget and Legislative Analyst
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How they voted

Legislative journey

PresidentJul 22, 2025
ASSIGNED UNDER 30 DAY RULE
Budget and Finance CommitteeSep 3, 2025
RECOMMENDEDPass
Board of SupervisorsSep 9, 2025 – Sep 16, 2025
PASSED, ON FIRST READINGPass
FINALLY PASSEDPass
MayorSep 18, 2025
APPROVED