This ordinance allows San Francisco to issue and sell up to $43 million in Certificates of Participation to finance or refinance specific projects, using property tax revenues as security. It also approves various agreements and documents related to the issuance and sale of these certificates.
Ordinance approving the issuance and sale of Certificates of Participation, in one or more series on a tax-exempt and/or taxable basis, by the City and County of San Francisco (the “City”) payable from the Base Rental secured by Net Open Space Fund Property Tax Revenues to finance and/or refinance certain projects as set forth herein, in a not to exceed aggregate principal amount of $43,000,000 (the “Certificates”); approving the form of a Property Lease by and between the City and a trustee (the “Trustee”), relating to certain real property described herein; approving the form of a Lease Agreement by and between the Trustee and the City; approving the form of a Trust Agreement by and between the City and the Trustee (including certain indemnities contained therein); approving the form of an Escrow Agreement by and between the City and an Escrow Agent (the “Escrow Agent”); authorizing the sale of the Certificates; approving the form of an Official Notice of Sale and a Notice of Intention to Sell the Certificates; directing the publication of the Notice of Intention to Sell the Certificates; approving the form of a Purchase Contract and one or more initial purchasers of the Certificates; approving the form of an Official Statement in preliminary and final form; approving the form of a Continuing Disclosure Certificate; authorizing the payment of costs of issuance; declaring the City’s official intent to reimburse itself for certain costs from the proceeds of the Certificates; granting general authority to City officials to take certain actions in connection with the Certificates, as defined herein; approving modifications to documents; and ratifying previous actions taken in connection therewith, as defined herein.
How it got here
The legislation originated from the need to finance improvements to parks and recreational facilities in San Francisco through the issuance of Certificates of Participation.
Voters approved Proposition C, establishing the Park, Recreation and Open Space Fund and authorizing the issuance of revenue bonds payable from the Fund.
The Recreation and Park Commission adopted Resolution No. 2607-004 recommending the Board authorize the issuance of Certificates of Participation for project funding.
The Capital Planning Committee approved the proposal for the issuance of Certificates of Participation to finance park projects.
The Mayor's Office submitted the ordinance to the Board of Supervisors to authorize the issuance of Certificates of Participation.
The Budget and Finance Committee scheduled a hearing to consider the ordinance authorizing the issuance of Certificates of Participation.
The Board of Supervisors is set to consider the ordinance for the first time.
The Board of Supervisors is scheduled for a second hearing of the ordinance.
Reconstructed from attached documents & the official record