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SFPUC authorizes up to $1.53 billion in water bonds, approves plan to refund Build America bonds amid subsidy uncertainty
Summary
The San Francisco Public Utilities Commission authorized issuing up to $1.53 billion in water revenue bonds, including refinancing commercial paper and a potential refunding of Build America bonds; commissioners were briefed on federal disclosure duties and the subsidy risks that affect expected savings.
The San Francisco Public Utilities Commission on June 10 authorized the issuance of up to $1.53 billion in water revenue bonds to fund capital projects and to retire commercial paper and potentially refund outstanding Build America bonds (BABs).
Commissioners approved a resolution that delegates authority to the general manager to appoint underwriters and finalize bond purchase contracts consistent with city procurement rules. The motion passed unanimously: President Stacy, Vice President Arce, Commissioner Jamdar, Commissioner Leverone, and Commissioner Thurlow voted aye.
The vote followed an earlier training for commissioners on federal securities-law disclosure obligations led by disclosure counsel from Orrick, Harrington & Sutcliffe. Counsel explained that preliminary and final official statements used in municipal bond offerings must not contain material misstatements or omissions under the Securities Act…
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