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Committee forwards ordinance to extend Public Utilities revenue-bond oversight through 2019
Summary
The Rules Committee forwarded an ordinance to extend the Public Utilities Revenue Bond Oversight Committee (created by Proposition P) three years to Jan. 1, 2019, citing ongoing SFPUC bond issuances tied to a multi-year wastewater capital program.
The Rules Committee of the San Francisco Board of Supervisors on Oct. 8 forwarded an ordinance to the full Board that would extend the sunset date for the Public Utilities Revenue Bond Oversight Committee to Jan. 1, 2019.
Holly Kaufman, speaking as a member of the Oversight Committee, told the panel the committee "provides independent oversight of the bond proceeds expenditures for the PUC's capital projects" and that its work covers repair, replacement, expansion and seismic upgrades of the city's water, power and wastewater facilities. She said the oversight body was created by Proposition P and that "bonding for the multi billion dollar capital improvement program for our wastewater enterprise will continue through 2020." Mike Brown of SFPUC finance added that the adopted 10-year capital plan includes plans for bond issuances over the next decade.
The ordinance amends the administrative code to extend the committee's sunset three years, to 01/01/2019. Kaufman told supervisors the oversight committee's charge is to review expenditures of bond proceeds "to make sure that those bond proceeds are spent according to law and as efficiently as possible for the citizens of the city and county of San Francisco." The packet the committee received included a September 8 SFPUC resolution and a letter from General Manager Harlan Kelly supporting the extension.
After brief public comment, Supervisor Katie Tang moved to forward the ordinance with a positive recommendation to the full Board; the motion was seconded and taken without objection. The clerk noted items acted on at this Rules Committee will generally appear on the Board of Supervisors agenda on Oct. 20 unless otherwise stated.
Extending the oversight committee preserves an independent review mechanism for how SFPUC bond proceeds are spent on major capital projects, a function city leaders said will be needed while the utility continues long-running infrastructure financing for wastewater and other systems.
