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Supervisors approve smaller MTA bond package after amendment to cut borrowing
Summary
The Board of Supervisors voted unanimously Feb. 9 to approve amendments that reduce the Municipal Transportation Agency(MTA) bond issue to a par value of $129 million and to appropriate $118 million, after a week of additional review and meetings with the controller and the MTA.
The San Francisco Board of Supervisors on Feb. 9 approved amendments to ordinances and a related resolution that scale back a proposed MTA revenue bond issuance, a move supervisors said would reduce future debt service and preserve operating resources.
Supervisor Aaron Peskin moved the change, saying the instrument should be adjusted "to a par value of $129,000,000, of which $118,000,000 would be appropriated," and asked colleagues to adopt that amendment to items 7 and 8. The board passed the amendments unanimously and then passed the ordinance on first reading and adopted the resolution as amended.
Why it…
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