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Committee recommends resolution backing up to $600 million in SFPUC water revenue bonds
Summary
The Budget and Finance Committee recommended the Board approve up to $600 million in Public Utilities Commission water revenue and refunding bonds, noting the SFPUC aims to lock in low interest rates and capture a 35% federal Build America Bond subsidy before it expires; the committee approved the measure as amended to correct a numeric inconsistency and clarify oversight-fee language.
Supervisor John Avalos said the committee would consider a resolution authorizing issuance of water revenue bonds and refunding bonds in an aggregate principal amount not to exceed $600,000,000 by the Public Utilities Commission (SFPUC).
Todd Reitstrom, Assistant General Manager and CFO of the SFPUC, told the committee this is part of the agency's regular quarterly bond-sales program. He said the SFPUC has issued about $2.2 billion in bonds in recent years for water-system improvements and that that financing has produced roughly…
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