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Budget panel forwards ordinance to issue up to $61.4 million in certificates of participation for repairs and street resurfacing
Summary
The Budget & Finance Committee voted to forward an ordinance authorizing up to roughly $61.4 million in certificates of participation (COPs) to finance critical repairs and street resurfacing. Officials said the package funds $21M in critical repairs and about $23.9M for resurfacing but leaves a modest shortfall.
The San Francisco Budget and Finance Committee voted Sept. 11 to forward an ordinance authorizing the city to issue certificates of participation not to exceed approximately $61.4 million to finance and refinance capital improvement projects, including critical building repairs and street resurfacing.
Office of Resilience and Capital Planning staff told the committee the Critical Repairs program is in its fourth year and that COPs have been used to maintain funding after cuts to the general fund capital budget. Olivia Chen said this year’s allocation includes "over 23,000,000 to street repair projects," while the program remains ‘‘about $8,000,000 short of full funding." The Budget and Legislative Analyst’s summary put…
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