This resolution authorizes the City and County of San Francisco to issue up to $47 million in general obligation bonds to fund affordable housing projects. It outlines the terms of the bonds, the process for their sale, and the necessary administrative actions to facilitate the issuance.
Resolution authorizing the issuance and sale of not to exceed $47,000,000 aggregate principal amount on a tax-exempt or taxable basis of City and County of San Francisco General Obligation Bonds (Social Bonds - Affordable Housing, 2024) Series 2026E; prescribing the form and terms of 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; providing for the appointment of depositories and other agents for 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 affordable housing projects in San Francisco through the issuance of general obligation bonds.
The Board adopted Resolution No. 528-23, declaring the necessity for affordable housing improvements, which set the stage for future bond issuance.
The Board passed Ordinance No. 231-23, calling for a special election to incur bonded indebtedness for affordable housing, which was later approved by voters.
Voters approved Proposition A, allowing the City to incur up to $300 million in bonded indebtedness for affordable housing projects.
The Board adopted Resolution No. 562-24, authorizing the issuance of General Obligation Bonds for affordable housing projects.
The Mayor's Office submitted a memo to the Board, introducing the resolution for the issuance of Series 2026E bonds not to exceed $47 million.
The Budget and Finance Committee is scheduled to hear the resolution authorizing the sale of the bonds.
The resolution is currently scheduled for a committee hearing and is awaiting further action by the Board of Supervisors.
Reconstructed from attached documents & the official record
