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Supervisors amend $4.8 billion airport bond appropriation to place $2.1B on controller's reserve, pass first reading
Summary
The Board amended an ordinance to appropriate approximately $4.8 billion in bond proceeds for Airport capital projects, specifying that $2.1 billion be placed on the controller’s reserve pending receipt of proceeds and the remainder on the Board of Supervisors’ reserve; the item passed on first reading unanimously.
An ordinance to appropriate approximately $4.8 billion in proceeds from the sale of revenue bonds or commercial paper for capital improvements at San Francisco International Airport was amended and passed on first reading by the Board of Supervisors on Tuesday.
Supervisor Aaron Peskin moved an amendment clarifying how the appropriation would be allocated between reserve accounts. After meetings with airport staff, Peskin said the airport expects to sell about $2.1 billion of debt in the coming fiscal year and asked that the board substitute language to put $2.1 billion on the controller’s reserve “pending…
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