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Committee moves three TEFRA financing approvals for schools and senior care to full Board
Summary
The committee advanced three TEFRA resolutions — financing for Chinese American International School ($17M), Jewish Home of San Francisco/Hebrew Home ($35M), and Presidio Hill School ($9M) — noting that TEFRA hearings do not obligate the city financially and that no public objections were received during the required hearings.
Office of Public Finance and Controller representatives summarized three TEFRA (federal tax-law) hearings on Sept. 22 to permit tax‑exempt revenue obligations, which will be issued by joint powers authorities and are not obligations of the city and county of San Francisco. The resolutions authorize the issuance of debt by third parties to finance: acquisition and renovation for Chinese American International School (up to $17 million); senior residential and care facilities for the Jewish Home of San Francisco (up to $35 million); and construction/renovation and acquisition for Presidio Hill School (up to $9 million).
Office of Public Finance staff said hearing notices and teleconference hearings were held in August as required by federal TEFRA rules, and reported no public comments during those hearings. Presenters said approval will have no fiscal impact on the city; representatives from each borrower were available for questions. The committee moved all three resolutions to the full Board with a positive recommendation.
