Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Subcommittee forwards equipment lease, SFPUC water bonds and MTA contract amendment to full Board
Summary
The subcommittee recommended forwarding three financing and contract items to the full Board: an equipment lease supplement (not to exceed $11.5M), SFPUC water revenue bonds (approx. $950M for two sales), and an MTA contract amendment for LRV truck rehabilitation (additional ~$12M). Each item was forwarded by motion; no roll‑call votes were taken in subcommittee.
The Budget & Finance Subcommittee on May 25 forwarded several financing and contract items to the full Board of Supervisors.
Item 1: an equipment lease supplement authorizing execution and delivery of an equipment lease supplement (number 16) for equipment lease revenue bonds by the City and County of San Francisco and a finance corporation as lessor, with a not‑to‑exceed amount of $11,500,000. Nadia Soussay of the Controller's Office said the issuance was expected to be approximately $10,700,000 and that the package includes a supplement, trust indenture and an official statement; the Controller would be delegated authority to update reports as needed. Budget analyst Harvey Rose presented estimated debt service and an interest estimate of about 3.8% over six years; the subcommittee forwarded the item to the full Board with recommendation.
Item 2: financing resolution from the San Francisco Public Utilities Commission to issue water revenue bonds and refunding bonds. Todd Reedstrom (SFPUC CFO) described two planned sales in June and July totaling $950,000,000 in this tranche, with proceeds used primarily for construction (82%) and some refunded bonds (up to $16,000,000 shown for potential refunding). Reedstrom noted favorable market timing and recent rating actions (Moody's recalibration and S&P ratings). Harvey Rose reviewed refunding savings estimates and recommended approval; the subcommittee forwarded the item to the full Board with recommendation.
Item 3: a proposed Amendment 1 to contract APT 59 1.01 between the City and County (through Muni) and Ansaldo Breda for rehabilitation of LRV trucks. Elson Howe (SFMTA) said the amendment would add rehabilitation of trucks (34 of 143 LRV trucks), funded in part with redirected RF funds (~$12,000,000), extend the contract term from five to six years, and bring the total contract to a ceiling of $68,749,421. The analyst noted a federal independent cost estimate (Booz Allen) that was slightly lower than the vendor modification price but found the differential reasonable; the subcommittee forwarded the item to the full Board with recommendation.
Each of these items was advanced to the full Board by committee motion; the subcommittee did not conduct a roll‑call vote in the record. The items will appear on the Board agenda for final action.
