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Supervisors recommend MTA bond package with amendments, ask for tighter oversight
Summary
The Budget & Finance subcommittee recommended forwarding a revised MTA revenue bond package to the full Board with amendments that reduce the initial authorization, require a controller review of advisor use and place a $1.6 million reserve for the muni radio project pending COIT guidance.
The Budget and Finance subcommittee on April 2012 recommended the San Francisco Municipal Transportation Agency—s request to issue revenue bonds be forwarded to the full Board with modifications, after a lengthy presentation and questioning about scope, cost and oversight.
The subcommittee heard from Ed Reiskin, director of the SFMTA, who described a three-series plan to refinance higher-cost garage debt and fund state-of-good-repair projects. Reiskin said the agency estimated a 20-year state-of-good-repair need of about $10 billion and that the bond issuance would be structured as MTA revenue bonds, not general-fund obligations. "We are structuring these as revenue bonds based on MTA-only revenue," Reiskin said.
Why it matters: The package would let the MTA borrow to address deferred capital needs across…
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