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Committee recommends participation in state Prop 1A securitization to avoid an $89 million revenue shortfall
Summary
The Budget & Finance Committee heard Comptroller Office staff explain a statewide securitization (CSCDA) under Proposition 1A and forwarded an emergency ordinance and purchase/sale agreement that would allow San Francisco to receive its receivable up front, preserving $89 million in expected receipts and avoiding a budget shortfall.
The Comptroller's Office presented a proposal to participate in a state securitization program created under Proposition 1A and implementing AB 67. "This would allow municipalities to receive 100% of their receivable within fiscal year 2009/2010," the Comptroller’s Office representative said, explaining the California Statewide Communities Development…
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