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Committee forwards $35 million revenue-bond resolution for Sacred Heart San Francisco; city not liable, finance office says
Summary
The committee sent a resolution to the full board approving revenue bonds (aggregate principal not to exceed $35,000,000) by the ABAC Finance Authority to finance projects for Sacred Heart San Francisco; the Office of Public Finance said the city bears no repayment liability.
The Government Audit and Oversight Committee on Aug. 11 forwarded a resolution approving the issuance and sale of revenue bonds by the ABAC Finance Authority for nonprofit corporations, in an aggregate principal amount not to exceed $35,000,000, to finance educational projects owned and operated by Sacred Heart San Francisco.
Anthony Aberbond of the Office of Public Finance summarized the office’s review of the financing and said the office held a public hearing on July 22. Aberbond told the committee that the financing creates “no fiscal impact to the city” and that “the city is not responsible for repayment.” A committee member asked to confirm there was no liability to the city; Aberbond replied, “No.”
Public commenter Douglas Yip spoke in support of the resolution, citing personal familiarity with the schools.
The committee sent the resolution to the full Board of Supervisors with a recommendation; the item will return to the board for final action and any required approvals.
