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Subcommittee forwards certificates of participation for Pier 27 cruise terminal; port to cover most cost increases
Summary
The subcommittee moved forward ordinances authorizing certificates of participation and appropriations to finance the Pier 27 cruise terminal, shore-power and America's Cup infrastructure; Port and controller's staff said the Port would absorb project increases and use retained rents and port capital to meet shortfalls, though budget analyst noted a remaining $6.5 million of unfunded Phase 1 needs.
The Budget and Finance Subcommittee heard presentations from the Controller’s public finance office and the Port of San Francisco on a financing package that would use certificates of participation (COPs), reallocated port funds and other sources to fund the Pier 27 cruise terminal, shore power and America's Cup-related infrastructure.
Nadia Saseig of the Controller’s Office described a plan to issue up to $45 million in COP…
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