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OCII adopts ordinances to levy special taxes for Hunters Point CFDs 7 and 8 to enable bond refinancing
Summary
The commission adopted two ordinances (CFD 7 and CFD 8) on second reading to levy special taxes that will allow refunding of prior bonds and to proceed toward bond issuance; both ordinances were adopted unanimously and staff will return for confirmation ahead of July bond issuance steps.
The commission unanimously adopted two ordinances on May 20 to levy special taxes for Hunters Point Shipyard Community Facilities Districts (CFD) No. 7 (infrastructure) and No. 8 (maintenance) as part of a financing plan to refund prior bonds and enable future bond issuance.
Thor Kieslowski, project manager for the Hunters Point Shipyard, explained that CFD 7 originally issued nearly $35 million in bonds in 2005 for streets, utilities and parks construction and that the current step is an amendment and restatement of the rate‑and‑method of apportionment for CFDs 7 and 8. He said the commission conducted a first reading on May 6 and that the revised ordinances were recirculated to correct typographical errors and repost the agenda according to the Brown Act.
Kieslowski described prior approvals including Oversight Board and Department of Finance sign‑offs, the commission’s April authorization to issue bonds in an amount not to exceed $40 million, and selection of underwriting firms. He said the next steps are a confirmation hearing in July and closing on the parallel financing steps that will permit refunding of the variable‑rate 2005 bonds and closure of the letter of credit that supports the earlier debt.
After brief public comment expressing environmental and cleanup concerns related to Hunters Point, the commission waived full reading, moved and seconded the ordinance adoptions, and adopted both items unanimously by voice vote. Staff said they will return in July with confirmation actions prior to issuing bonds.
Next steps: confirmation and bond issuer processes scheduled for July; staff to proceed with bond marketing and closing actions subject to required approvals.
