This resolution authorizes the City to issue and sell up to $215 million in General Obligation Bonds for earthquake safety and emergency response projects. It outlines the terms, sale methods, and necessary actions for managing these bonds.
Resolution authorizing the issuance and sale of not to exceed $138,000,000 aggregate principal amount of City and County of San Francisco General Obligation Bonds (Earthquake Safety and Emergency Response, 2020), Series 2026C in one or more series on a tax-exempt or taxable basis; prescribing the form and terms of such bonds and any subseries designation; authorizing the sale of such bonds by competitive or negotiated sale; approving the forms and execution and delivery of one or more Official Notices of Sale, Notices of Intention to Sell Bonds, Purchase Contracts; Preliminary Official Statements; Official Statements, Continuing Disclosure Certificates; authorizing and approving modifications to such documents; 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; 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 earthquake safety and emergency response projects in San Francisco, following voter approval of Proposition B in 2020.
Voters approved Proposition B, authorizing the issuance of up to $628,500,000 in general obligation bonds for earthquake safety and emergency response projects.
The Board adopted Resolution No. 023-21, authorizing the issuance of General Obligation Bonds for the Earthquake Safety and Emergency Response program.
The City issued its first series of bonds amounting to $80,715,000 to finance the earthquake safety projects.
The City issued its second series of bonds totaling $87,090,000 for the same purpose.
The City issued its third series of bonds amounting to $217,710,000 to continue financing the earthquake safety projects.
The Mayor's Office introduced a resolution to authorize the issuance and sale of up to $215,000,000 in General Obligation Bonds (Series 2026C) for earthquake safety projects.
The Budget and Finance Committee scheduled a hearing to discuss the proposed resolution for the issuance of the bonds.
The Board of Supervisors will consider the resolution authorizing the issuance of the bonds.
Reconstructed from attached documents & the official record