This resolution allows San Francisco to issue and sell up to $31 million in bonds for the Treasure Island Infrastructure and Revitalization Financing District. It also approves necessary documents and agreements related to the bond issuance.
Resolution supplementing Resolution No. 7-17 and authorizing the issuance and sale by the City and County of San Francisco Infrastructure and Revitalization Financing District No. 1 (Treasure Island) of one or more series of bonds in an aggregate principal amount not to exceed $31,000,000; approving an Official Statement, one or more supplements to Indentures of Trust and Continuing Disclosure Certificates, one or more Bond Purchase Agreements with a joint exercise of powers authority and the bond underwriter, and other related documents, as defined herein; and making other related determinations, as defined herein.
How it got here
The legislation originated from the need to authorize the issuance of bonds for the Infrastructure and Revitalization Financing District No. 1 (Treasure Island) to fund various development projects.
The Board adopted Ordinance No. 29-22, which approved the Infrastructure Financing Plan for the IRFD, allowing for the allocation of property tax increment to fund improvements on Treasure Island.
The Board adopted Resolution No. 7-17, forming the Infrastructure and Revitalization Financing District No. 1 (Treasure Island) and authorizing the issuance of bonds up to $780 million.
The Controller's Office submitted a memo requesting the Board to authorize the issuance of bonds not to exceed $31 million for the IRFD, to be used for facilities and housing projects.
The Mayor's Office submitted a resolution to the Board to authorize the issuance and sale of bonds for the IRFD, including approving related documents.
The Budget and Finance Committee recommended the resolution for the issuance of bonds for the IRFD, which was subsequently adopted by the Board.
The Board adopted the resolution authorizing the issuance of bonds for the IRFD, allowing for the financing of infrastructure and housing projects on Treasure Island.
The Mayor approved the resolution passed by the Board, finalizing the authorization for the bond issuance.
Reconstructed from attached documents & the official record
This resolution allows San Francisco to issue and sell up to $10 million in bonds for the Infrastructure and Revitalization Financing District No. 1 on Treasure Island. It also approves related documents necessary for the bond issuance.
This ordinance expands the area covered by the Infrastructure Financing District No. 1 on Treasure Island and updates the financing plan for infrastructure projects in that area. It also addresses related administrative matters.
