A formal position or approval by the Board: Allow the Director of Transportation to enter into a loan agreement with the Metropolitan Transportation Commission as lender, for San Francisco Municipal Transportation Agency public transit operating purposes, up to a maximum principal amount of $200,000,000, for a 12 year term from July 1, 2026, through June 3, 2038, pursuant to Assembly Bill No. In short: it commits city money.
Resolution authorizing the Director of Transportation to enter into a loan agreement with the Metropolitan Transportation Commission as lender, for San Francisco Municipal Transportation Agency public transit operating purposes, up to a maximum principal amount of $200,000,000, for a 12 year term from July 1, 2026, through June 3, 2038, pursuant to Assembly Bill No. 117.
How it got here
The legislation originated from Assembly Bill 117, which mandated a loan to support public transit operations in the Bay Area.
Governor Newsom signed Assembly Bill 117, which authorized the California State Transportation Agency to loan $590 million to the Metropolitan Transportation Commission for transit operating assistance.
The SFMTA Board adopted Resolution No. 260602-045, recommending the Board of Supervisors authorize the Director of Transportation to execute a loan agreement with MTC for up to $200 million.
The City Controller certified that sufficient unencumbered balances are expected to be available to meet all MTC loan payments as they become due.
The SFMTA submitted a request to the Board of Supervisors to approve the loan agreement with MTC for public transit operating purposes under AB 117.
The Board of Supervisors passed the resolution authorizing the Director of Transportation to enter into the loan agreement with MTC for up to $200 million.
The Mayor approved the resolution authorizing the loan agreement with MTC.
Reconstructed from attached documents & the official record