Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Transbay Financing topic
No spam. Unsubscribe anytime.
Board declares Transbay Community Facilities District election results, clears path for special-tax bond authorization
Summary
The Board of Supervisors declared the results of a special election approving the Transbay Community Facilities District and approved related ordinances and resolutions authorizing the levy of a special tax and bond issuance authority.
The San Francisco Board of Supervisors on Jan. 13 received and declared the results of a special election approving formation of the Transbay Community Facilities District (CFD) and approved related legislative steps to levy special taxes and authorize special-tax bond issuance for the Transbay Transit Center project.
Election results and action: City staff reported that ballots sent to qualified electors produced affirmative votes; the board received the tabulation and adopted the required resolution to declare the results. The board then approved the ordinance to levy the CFD special tax and readopted a resolution authorizing the issuance and sale of special tax bonds for Community Facilities District No. 2014-1 (Transbay Transit Center), a not-to-exceed authorization of $1,400,000,000 in special-tax bonds. All items were adopted unanimously.
Why it matters: The CFD and the ability to issue special-tax bonds are financing tools to support public infrastructure associated with the Transbay Transit Center; declaring the election results and authorizing bond issuance are final legislative steps enabling the city to access special-tax bond financing when ready.
Details recorded in the hearing: - The Office of Public Finance reported ballot tabulation: (ballots sent: 8; ballots returned: 5; yes votes reported; final tallies posted on the Elections Department website). - The board's authorizing resolution included repeal and readoption of a prior resolution (468-14) and set the maximum bond authorization not to exceed $1.4 billion.
Next steps: Staff will return with offering documents and other required financing paperwork when staff and the Treasurer are prepared to sell bonds; project-specific allocations and timing will follow standard City debt-issuance procedures and required disclosure documents.
Ending: By declaring the special-election results and adopting the levying ordinance and bond authorization resolution, the board completed the legislative steps to allow the Transbay CFD to proceed toward special-tax bond financing when market and project readiness conditions are met.
