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Committee approves forwarding bond package to full Board; estimated homeowner impact ~$38 annually
Summary
The Budget & Finance Committee approved sending to the full Board a package of three general obligation bond series—EASER 2010 final sale, EASER 2014 second sale, and 2011 streets program final sale—to fund seismic upgrades, emergency water systems, OCME facility needs and street resurfacing; estimated property tax impact for a $600,000 assessed home is about $38 annually.
City fiscal staff and project managers presented items 7–12: three bond series to be sold together to fund remaining projects in previously voter-authorized general obligation bond programs. The measures included blocking appropriations for accumulated interest and authorizing the sale of bonds to complete EASER projects (fire, police and emergency water upgrades), an OCME facility to consolidate autopsy and laboratory functions, and the final tranche of the street resurfacing/streetscape program.
Office of Public Finance estimated total issuance at approximately $179.4 million and average annual debt service of about $12.6 million; total principal and interest over 20 years was estimated at $251.7 million. The estimated cumulative tax-rate impact per $100,000 of assessed valuation was about $6.47, or roughly $38.39 on a $600,000 assessed home (example provided in staff presentation).
Public Works staff confirmed the streets program has an online project list showing past paving and projected resurfacing locations; bond accountability reports were provided in the committee packet for detailed project descriptions. Committee approved forwarding the package with a positive recommendation to the full Board (motion by Supervisor Tang; second by Supervisor Yi), taken without objection.
