This resolution authorizes the City and County of San Francisco to issue and sell up to $83,475,000 in general obligation bonds for health and recovery purposes. It outlines the terms, sale process, and necessary actions for managing these bonds.
Resolution authorizing the issuance and sale of not to exceed $83,475,000 aggregate principal amount of one or more series of bonds on a tax-exempt or taxable basis of City and County of San Francisco General Obligation Bonds (Health and Recovery, 2020), Series 2026B; 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; 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 the Official Statement 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
The legislation originated from the need to finance ongoing health and recovery projects in San Francisco, authorized by a voter-approved bond measure.
The Board adopted Resolution No. 317-20, declaring the public interest and necessity for acquiring or improving facilities for mental health, substance use, and homelessness services.
The Board passed Ordinance No. 116-20, calling for a special election to incur bonded indebtedness of $487,500,000 for health and recovery projects.
Voters approved Proposition A, allowing the City to issue up to $487,500,000 in general obligation bonds for health and recovery projects.
The Board adopted Resolution No. 234-21, authorizing the issuance of General Obligation Bonds (Health and Recovery, 2020) in one or more series.
The Mayor's Office submitted a memo to the Board, introducing the resolution to authorize the issuance and sale of up to $83,475,000 in General Obligation Bonds (Health and Recovery, 2020), Series 2026B.
The Budget and Finance Committee scheduled a hearing to discuss the proposed resolution for the bond issuance.
The Board received and assigned the resolution for further consideration.
Reconstructed from attached documents & the official record