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Committee advances small PUC revenue‑bonds language change; item continued to special hearing
Summary
Supervisors agreed to a small amendment broadening permissible lawful purposes for Public Utilities Commission revenue bonds after staff said upcoming GASB accounting changes require charter language updates; the committee continued the item to a special hearing so the amendment can be noticed.
The Rules Committee on Jan. 24 accepted a proposed technical amendment to a charter amendment that would authorize the Public Utilities Commission to issue revenue bonds for power facilities with Board of Supervisors approval by two‑thirds.
Supervisor London Breed? (Note: transcript identifies the sponsor as Supervisor Peskin) Supervisor Peskin (presenting) said the text change was drafted with input from the former PUC general manager/controller and would give the PUC more flexibility in light of forthcoming GASB accounting standard changes that affect how assets can be capitalized.
A PUC representative described the GASB changes and said the amendment would allow additional assets to be capitalized, aligning the charter language with evolving accounting practice and the bond market's expectations. The committee accepted the amendment and set the item for a subsequent special hearing to satisfy charter amendment hearing requirements.
No substantive public comment was offered at the time of the amendment vote; the committee continued the item to the call of the chair for scheduling of the special hearing and further review.
