This resolution authorizes the City to issue and sell up to $47.5 million in taxable bonds to fund affordable housing preservation and seismic safety projects. It outlines the terms of the bonds, the sale process, and the necessary administrative actions to manage the bond issuance.
Resolution authorizing the issuance and sale of not to exceed $47,464,550 aggregate principal amount of City and County of San Francisco Taxable General Obligation Bonds (Affordable Housing, 2016 - Preservation and Seismic Safety), Series 2026F; prescribing the form and terms of said bonds; providing for the appointment of depositories and other agents of said bonds; providing for the establishment of accounts related to said bonds; authorizing the sale of said bonds by competitive or negotiated sale; approving the forms of the Official Notice of Sale and the 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 said bonds; approving the form of the Continuing Disclosure Certificate; authorizing and approving modifications to said documents; affirming California Environmental Quality Act findings and determinations; 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 said bonds, as defined herein.
How it got here
The legislation originated from the need to issue bonds for affordable housing projects in San Francisco, following prior voter-approved measures.
Voters approved Proposition C, allowing the City to incur general obligation debt for the acquisition and rehabilitation of at-risk multi-unit residential buildings to create permanent affordable housing.
The Board adopted Resolution No. 34-19, authorizing the issuance of bonds under Proposition C in the maximum amount of $260,684,550.
The Board adopted Resolution No. 311-16, expanding the permitted uses for funds from the seismic safety loan program to include affordable housing.
The Mayor's Office submitted a resolution to the Board of Supervisors to authorize the issuance and sale of up to $47,464,550 in taxable general obligation bonds for affordable housing.
The Budget and Finance Committee is scheduled to review the resolution authorizing the sale of the bonds.
The Office of Public Finance prepared and submitted the necessary documents for the bond issuance, including the Preliminary Official Statement.
The Budget and Legislative Analyst provided a report detailing the upcoming bond issuance and its implications for the budget.
Reconstructed from attached documents & the official record
