This ordinance allows the Public Utilities Commission to issue up to $492.8 million in Water Revenue Bonds, $224.6 million in Wastewater Revenue Bonds, and $12.6 million in Power Revenue Bonds to finance the cost of their headquarters at 525 Golden Gate Avenue. It also confirms prior actions related to this financing.
Ordinance authorizing the issuance and sale by the Public Utilities Commission ("PUC" or “Commission”) of tax-exempt or taxable Water Revenue Bonds and other forms of indebtedness in an aggregate principal amount not to exceed (“NTE”) $492,820,000; tax-exempt or taxable Wastewater Revenue Bonds and other forms of indebtedness in an aggregate principal amount NTE $224,570,000; and tax-exempt or taxable Power Revenue Bonds and other forms of indebtedness in an aggregate principal amount NTE $12,610,000, to prepay each enterprise’s allocable share of Base Rental Payments under the Project Lease related to financing the cost of the Commission’s headquarters at 525 Golden Gate Avenue, and ratifying previous actions taken in connection therewith.
How it got here
The legislation originated from the need to refinance the outstanding indebtedness related to the San Francisco Public Utilities Commission's headquarters at 525 Golden Gate Avenue.
The Environmental Review Officer certified that the project to be funded through the issuance of bonds complies with CEQA requirements.
The Commission adopted resolutions authorizing the issuance of Water, Wastewater, and Power Revenue Bonds to refinance the respective enterprises' shares of the construction costs of the headquarters.
The proposed ordinance was submitted to the Clerk of the Board for consideration, authorizing the issuance of revenue bonds.
The ordinance was assigned to the Board of Supervisors under the 30-day rule for further consideration.
Reconstructed from attached documents & the official record