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SFPUC authorizes up to $1.53 billion in water revenue bonds; staff flags Build America bond subsidy risk
Summary
The San Francisco Public Utilities Commission authorized up to $1.53 billion in water revenue bonds and delegated closing authority to staff, while staff and outside counsel warned commissioners about market volatility and lingering uncertainty around federal Build America bond (BAB) subsidies and sequestration.
At a meeting of the San Francisco Public Utilities Commission, commissioners authorized the issuance of up to $1,530,000,000 in water revenue bonds and delegated authority to the general manager to appoint underwriters and finalize sale documents.
The action, presented by Capital Finance Director Nikolai Sklaroff and discussed with disclosure counsel from Orrick, Harrington & Sutcliffe, covers multiple subseries that will fund water-enterprise capital projects, retire up to $474,000,000 of commercial paper and permit refunding of certain Build America bonds (subseries F) of up to $1,056,000,000. Sklaroff said the financing is intended to “keep projects underway” and described the PUC’s long-term programmatic approach to financing multiple simultaneous projects.
Disclosure counsel…
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