This resolution allows the San Francisco Unified School District to issue and sell up to $270 million in General Obligation Bonds to fund school projects. It also outlines the terms for the sale and authorizes necessary agreements and documents related to the bond issuance.
Resolution authorizing the issuance and sale from time to time of bonds of the San Francisco Unified School District; prescribing the terms of sale of not to exceed $270,000,000 of said General Obligation Bonds, Election of 2024, Series B; authorizing sale of said General Obligation Bonds by negotiated sale and approving the form of bond purchase agreement; approving the forms of one or more paying agent agreements; and authorizing the execution of necessary documents and certificates relating to such bonds.
How it got here
The legislation originated from the San Francisco Unified School District's need to issue bonds authorized by a voter-approved measure to fund school improvements.
Voters approved Proposition A, allowing the issuance of $790 million in general obligation bonds for school improvements, requiring a 55% affirmative vote.
The District issued the first series of bonds, totaling $160 million, under the Proposition A authorization.
The Board of Education adopted a resolution authorizing the issuance of up to $270 million in Series B bonds, detailing terms and conditions for the sale.
The Board of Supervisors received the resolution for the Series B bonds and assigned it for further consideration.
The Budget and Finance Committee reviewed the bond issuance proposal and supporting documents, preparing for a Board vote.
The Board of Supervisors approved the issuance of the Series B bonds, allowing the District to proceed with the sale.
Reconstructed from attached documents & the official record
