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SFPUC adopts revised debt‑disclosure practice and authorizes up to $850 million taxable water refunding
Summary
The commission adopted revisions to debt management and disclosure procedures to reflect new SEC listed events and formally recognize WIFIA loans, and authorized the issuance of up to $850 million in 2019 taxable water revenue bonds (series A–D) to refund outstanding water debt and refinance commercial paper.
Richard Morales, debt manager for the San Francisco Public Utilities Commission, asked the commission to adopt updated debt policies and to authorize a taxable water‑revenue refunding in a combined presentation on Nov. 26.
On the debt‑policy revisions (item 12), Morales told commissioners the changes establish a separate disclosure appendix to reflect new Securities and Exchange Commission ‘‘listed events’’ that require issuer disclosure within 10 business days, including the 2019 additions for the incurrence of a material financial obligation and a default under a financial obligation reflecting financial difficulties. Morales said staff propose a formal Disclosure Practices Working Group — the assistant general manager CFO, two deputy CFOs and the debt manager, with…
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