A formal position or approval by the Board: Allow the issuance and sale of not to exceed $195,000,000 aggregate principal amount of one or more series of City and County of San Francisco General Obligation Bonds (Healthy, Safe and Vibrant San Francisco, 2024), Series 2026A (“Bonds”) on a tax-exempt or taxable basis.
Resolution authorizing the issuance and sale of not to exceed $195,000,000 aggregate principal amount of one or more series of City and County of San Francisco General Obligation Bonds (Healthy, Safe and Vibrant San Francisco, 2024), Series 2026A (“Bonds”) on a tax-exempt or taxable basis; 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 or private placement; 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 one or more Official Statements 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
This resolution allows San Francisco to issue up to $300 million in general obligation bonds to fund affordable housing projects. It also includes provisions for tax levies to repay the bonds and ensures compliance with environmental and planning regulations.
The ordinance calls for a special election on November 5, 2024, to let voters decide on borrowing up to $390 million for various healthcare, emergency services, and infrastructure improvements in San Francisco. It also allows landlords to pass on half of any property tax increase to tenants and establishes oversight for how the bond money is spent.
This resolution authorizes the city to acquire or improve properties for healthcare, emergency services, and public safety enhancements, while allowing landlords to pass on half of any resulting property tax increase to tenants. It also confirms compliance with environmental regulations and city planning policies.
