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Subcommittee backs increased SFPUC commercial paper program and amended water bond authorization
Summary
The subcommittee agreed to increase SFPUC's wastewater commercial paper capacity and to forward a water revenue bond authorization reduced by $25 million, while adding conditions limiting SFPUC refundings to transactions delivering at least 3% net present value savings and a cumulative refunding cap.
The Budget and Finance Subcommittee heard detailed briefings from Todd Rejstrom, SFPUC assistant general manager and CFO, on financing actions to support the sewer and water capital programs and voted to forward both items, adopting an amendment limiting certain refunding authorities.
Rejstrom requested authority to increase the wastewater commercial paper program from $150 million to $300 million to permit short-term, low-cost borrowing for sewer capital projects; he said commercial paper currently…
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