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Budget panel forwards SFPUC bond authorizations and flags Treasure Island environmental hold
Summary
The Budget & Finance Committee voted to forward SFPUC measures to authorize water revenue bonds and an environmental surcharge fund, with the Treasure Island portion placed on controller reserve pending missing environmental documents; analysts said bond debt is modest for the average residential bill but Hetch Hetchy faces longer-term shortfalls.
The San Francisco Budget & Finance Committee on Monday voted to forward three Public Utilities Commission files that would authorize new water revenue bonds, allow short-term commercial-paper financing for select water projects and create an environmental enhancement surcharge fund — while placing the Treasure Island portion on controller reserve until required environmental documents are complete.
Ed Harrington, general manager of the San Francisco Public Utilities Commission, described the proposed bond tranche as one piece of the larger Water System Improvement Program (WESIP). He said the WESIP is a decades-long capital program that has required repeated debt issuance: "This is…
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