This resolution calls for the creation of a San Francisco Green Bank, a non-depository municipal finance corporation, to support green projects in the city. It urges the Treasurer and Tax Collector to design and establish this bank, pending available funding.
Resolution urging the Treasurer and Tax Collector to design and establish a non-depository municipal finance corporation, to be known as the San Francisco Green Bank, subject to the appropriation of funds for such work.
How it got here
The legislation to establish the San Francisco Green Bank originated from a broader initiative to create a public bank that supports environmental justice and local economic development.
The Board approved a framework for a public bank, which laid the groundwork for subsequent initiatives including the Green Bank.
Supervisor Jackie Fielder introduced a resolution urging the Treasurer and Tax Collector to design and establish the San Francisco Green Bank.
The Board adopted Resolution No. 533-25, urging the establishment of the San Francisco Green Bank to support environmental justice and local businesses.
The Mayor returned the resolution unsigned, but it became effective without his approval due to the charter provisions.
The Clerk transmitted the adopted resolution to the relevant city departments, including the Treasurer and the Local Agency Formation Commission.
Reconstructed from attached documents & the official record
This resolution officially accepts the final plans and studies for creating a San Francisco Municipal Financial Corporation and a Public Bank. It outlines the governance and business strategies for these financial entities aimed at supporting local economic development.
This ordinance creates the San Francisco Reinvestment Working Group, which will develop plans for a non-depository Municipal Finance Corporation and a Public Bank. These plans will be submitted to the Board of Supervisors and the Local Agency Formation Commission for consideration.
