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Board Approves $260 Million Interim Financing for Transbay Transit Center Project
Summary
The Board approved an ordinance authorizing up to $260 million in short‑term certificates of participation to provide interim financing for the Transbay Transit Center project.
The Board of Supervisors voted on May 10 to approve an ordinance to appropriate up to $260 million in short‑term certificates of participation to provide interim financing for the Transbay Transit Center project.
The roll call showed the ordinance passed with 10 ayes and one no (Supervisor Aaron Peskin). Supervisor Peskin recorded the lone dissent on the ordinance, which the clerk reported passed on first reading. The ordinance provides authority to appropriate proceeds from short‑term borrowing in fiscal year 2015–16 to support Transbay interim financing needs.
Board members did not substantially debate the measure during the public meeting; the item moved through the calendar with the roll call vote recorded publicly. The financing will be subject to subsequent administrative steps and contract actions managed by the Treasurer and the Department of Administrative Services as the project continues.
