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Committee forwards authorization to issue up to $13.5 million in Series 2008A equipment lease revenue bonds
Summary
The Office of Public Finance asked the committee to approve a Finance Corporation request to issue Series 2008A lease revenue bonds not to exceed $13.5 million (expected issuance about $12.1M) to finance city equipment purchases; the committee forwarded the resolution to the full Board with recommendation.
Angela Whitaker of the Office of Public Finance presented a request from the City and County of San Francisco Finance Corporation to authorize lease revenue bonds Series 2008A not to exceed $13,500,000 to fund part of the city's annual equipment purchase program for fiscal year 2007–08.
Whitaker said the office currently expects to issue $12,100,000 of bonds and sought flexibility in authorization to address market conditions and interest-rate changes; the bonds were expected to be sold around April 1, 2008 and to close about two weeks later, with debt service payable April 1 and October 1 each year through Oct. 1, 2014.
Whitaker identified equipment recipients including Fire, Police, Public Health and Sheriff departments and provided an equipment list referenced in the budget analyst's materials. She also identified Mark Stadt as president of the Finance Corporation and Barry Fishman as CFO/acting secretary.
Chair Peskin asked if there were objections; receiving none, the committee agreed to send the resolution approving execution and delivery of the Series 2008A bonds to the full Board with recommendation.
