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Committee endorses $185 million SFMTA refinancing to shore up operating budget
Summary
The committee voted to forward a SFMTA plan to issue up to $185 million in refunding bonds to refinance 2012–2014 revenue bonds, freeing near-term cash flow (estimated $43M through FY23) and delivering long-term net present value savings (about $20.4M).
San Francisco Municipal Transportation Agency officials told the Budget & Finance Committee on Jan. 13 that refinancing a portion of outstanding revenue bonds could provide immediate budget relief and long-term savings.
SFMTA presented a conservative refunding structure that would target 2012–2014 series bonds (excluding 2017 series because of negative arbitrage tied to call protection) and seek a refunding that could yield…
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