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SFMTA outlines second issuance of 2014 Transportation bond; committee presses for clearer financial reports
Summary
SFMTA told the San Francisco GO Bond Oversight Committee the second issuance of the 2014 Transportation and Road Improvement Bond has been sold and will accelerate projects, but committee members pressed agency staff for clearer financial reporting, accountability and assurances that bond funds will not be redirected to Central Subway.
The San Francisco Municipal Transportation Agency told the GO Bond Oversight Committee in March that a second issuance tied to the 2014 Transportation and Road Improvement Bond has been sold and will fund a suite of Muni and facility projects.
"We expect receipt of our second issuance of the Geo Bond as early as tomorrow," Timothy Maglamot, speaking for SFMTA, said during the committee presentation. He said the issuance will allow the agency to push more projects into or through construction.
Committee members, however, pressed SFMTA on delayed and incomplete financial reports. One member noted the first issuance — roughly $67.6 million — remains partly unspent after about three years and asked whether supporting accountability reports…
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