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Budget committee backs $85 million first sale of $628.5 million earthquake safety bond
Summary
The Budget & Finance Committee recommended the Board approve the first issuance (up to $85 million) of a $628.5 million Earthquake Safety & Emergency Response bond package to fund seismic upgrades, a replacement firefighter training facility, 911 call center expansion and improvements to the emergency firefighting water system.
The San Francisco Budget & Finance Committee on Jan. 13 recommended that the full Board approve the first sale, not to exceed $85 million, of a $628.5 million Earthquake Safety & Emergency Response (EASR) bond program approved by voters in March 2020.
Committee presenters said the first issuance is expected to generate roughly $81.43 million in par proceeds, of which about 79.6% would fund capital projects and the remainder would cover issuance costs. Financial staff estimated an interest rate of about 3.11% that would produce approximately $26.1 million in interest over 20–25 years and roughly $107.5 million in total debt service; staff said the measure would add about $1.84 per $100,000 of assessed value annually (about…
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