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Budget Committee forwards ordinance authorizing up to $1.04 billion in water revenue bonds to full Board
Summary
The Budget and Appropriation Committee voted 5-0 to forward an ordinance authorizing issuance and sale of up to $1.04 billion in water revenue bonds to finance capital projects for the water enterprise and the Hetch Hetchy Water Project; the item was amended to add $5 million for an emergency repair.
The San Francisco Budget and Appropriation Committee on June 5 voted unanimously to forward to the full Board of Supervisors an ordinance authorizing the issuance and sale of tax-exempt or taxable water revenue bonds and other indebtedness not to exceed approximately $1,040,000,000 to finance capital projects for the city—s water enterprise and the Hetch Hetchy Water Project.
Chair Supervisor Connie Chan said the committee continued the item from last week to consider amendments that increased the borrowing amount by an additional $5,000,000 to cover an emergency repair referenced during the meeting. Chan identified Jeremy Spitz of the San Francisco Public Utilities Commission as available to answer technical questions but proceeded to public comment after no speakers signed up.
The clerk read the ordinance summary into the record, which describes using bond proceeds to finance water capital costs, refund outstanding water enterprise commercial paper and ratify prior related actions. The item references amendments to the City and County charter enacted by voters on Nov. 5, 2002, that authorize certain water revenue refunding bonds.
Chair Chan moved to forward the ordinance to the full Board with a positive recommendation; Supervisor Shamann Walton seconded. In a roll-call vote, Vice Chair Rafael Mandelman, Supervisor Myrna Melgar, Supervisor Shamann Walton, President Aaron Peskin and Chair Connie Chan each voted aye. The motion carried 5-0.
The item is expected to appear on the Board of Supervisors agenda on June 11 and will proceed to that meeting for further consideration and any additional public comment or amendments.
