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Committee forwards CSCDA financing resolution to cover cost overruns at local facility
Summary
The committee recommended the Board approve up to $2 million in CSCDA-issued bonds to address cost overruns at a locally owned facility (transcript project name unclear). The Office of Public Finance said the continued financing will not create City liability.
The Budget and Finance Committee forwarded to the full Board a resolution authorizing tax-exempt financing by the California Statewide Communities Development Authority (CSCDA) not to exceed $2,000,000 to fund acquisition, construction and improvements at a locally owned facility identified in the transcript as "Lisey Francais" or similar.
Anthony Ababan, bond associate with the Office of Public Finance, told the committee this continued financing follows an earlier board action in February 2006 and is intended to fund cost overruns associated with the same project. Ababan said the financing would be arranged through CSCDA and would create no liability for the City and County of San Francisco.
There was no public comment. The committee sent the resolution to the full Board with recommendation.
Note on name accuracy: the project name is recorded inconsistently in the transcript; reporters and officials should confirm the facility name and ownership in the Board packet or with the Office of Public Finance before publication.
