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Supervisors probe $1.36 billion in non‑voter debt; certificates of participation draw scrutiny
Summary
A broad hearing examined San Francisco's nonvoter approved debt, with the Comptroller and Budget & Legislative Analyst presenting portfolio data and comparators and the City Attorney explaining COP legal structure; supervisors asked for further analysis and continued the item to the call of the chair.
Supervisor Mark Farrell opened a committee hearing focused on the city's nonvoter approved debt, the use of certificates of participation (COPs), and the broader debt portfolio. Farrell said he had been quoting a $1.36 billion figure and clarified that public messaging had sometimes mixed principal and interest figures.
Nadia Sissay (Comptroller's Office of Public Finance) gave an overview of the city's debt portfolio as of May 2011, citing roughly $2.6 billion in outstanding obligations across instruments: about $1.4 billion in general obligation bonds, $264 million in lease‑revenue bonds, $742 million in certificates of participation,…
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