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Committee forwards bond, commercial‑paper and port ARPA items to full Board
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Summary
The Budget & Finance Committee advanced multiple finance measures: authorization to issue up to $385 million in G.O. refunding bonds, reauthorization of $100 million in commercial paper with a new Bank of the West facility, and acceptance of $14.4 million in ARPA funds for the Port; all items were forwarded to the Board with positive recommendations.
At its March 23 meeting the Budget & Finance Committee considered several finance items and approved forwarding them to the full Board with positive recommendations.
Items 3 and 4: The committee considered an ordinance and resolution to appropriate and authorize issuance of up to $385 million of general‑obligation refunding bonds (series 2022‑R1) intended to refund callable prior GO bonds (including hospital and earlier series). The Controller’s Office and the Budget Legislative Analyst explained that prior refundings have achieved net present value savings and that this series is estimated to yield gross taxpayer savings in the tens of millions depending on market conditions; underwriters and co‑managers were named. Supervisors asked about transaction costs and debt‑service impacts; the committee forwarded the items to the full Board.
Item 5: The committee approved a resolution reauthorizing $100 million of the city’s commercial paper program (series 3 & 4) and replacing an expired credit facility with Bank of the West; MOF staff said the new facility would save roughly $285,000 annually versus the prior facility while incurring one‑time closing costs estimated at up to $600,000.
Item 6: The Port of San Francisco sought approval to accept and expend $14.4 million of a $56.6 million award from the California State Lands Commission (ARPA funds) to backfill pandemic revenue losses and support dredging, security, repairs and local business loan funds. Port staff thanked federal and state advocates and noted remaining award tranches subject to the State Lands Commission’s future meetings. The committee forwarded the port authorization to the Board with a positive recommendation.
Votes: For each of these finance items the committee recorded roll‑call votes and reported three ayes to forward the items to the Board; BLA staff recommended approval for consistency with prior authorizations and city debt policy.
