This resolution allows San Francisco to issue and sell up to $107.54 million in general obligation bonds to fund affordable housing projects. It outlines the terms, procedures, and necessary approvals for the bond sale and management.
Resolution authorizing the issuance and sale of not to exceed $107,540,000 aggregate principal amount on a tax-exempt or taxable basis of City and County of San Francisco General Obligation Bonds (Social Bonds-Affordable Housing, 2019) Series 2026D; prescribing the form and terms of such bonds; 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
This legislation originated from the need to finance affordable housing projects in San Francisco through the issuance of general obligation bonds approved by voters.
Voters approved Proposition A, authorizing the City to incur bonded indebtedness of $600 million for affordable housing projects.
The Board adopted Resolution No. 448-20, authorizing the issuance of General Obligation Bonds for affordable housing.
The Mayor's Office submitted a memo to the Board of Supervisors introducing the resolution for the issuance of Series 2026D bonds.
The Budget and Finance Committee scheduled a hearing to discuss the resolution authorizing the sale of the Series 2026D bonds.
The Board of Supervisors is set to consider the resolution for the issuance of the Series 2026D bonds.
The Board will hold a second hearing to finalize the approval of the resolution for the Series 2026D bonds.
The City plans to proceed with the sale and closing of the Series 2026D bonds to fund affordable housing projects.
Reconstructed from attached documents & the official record