Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Supervisors approve first reading of Port refunding COPs and adopt $11.5M grant amendment for rapid rehousing
Summary
On first reading, the board authorized refunding certificates of participation for Port of San Francisco projects (items 10–11) including an aggregate principal amount described as $25,000,000 and various appropriations; the board also unanimously adopted item 14 to increase Episcopal Community Services’ grant by $11,500,000 to $21,500,000.
The Board of Supervisors took several finance and grant actions during the Jan. 28 meeting. The clerk called items 10 and 11 together as ordinances relating to refunding Certificates of Participation (COPs) for Port of San Francisco projects and related authorizing documents; the clerk described an aggregate principal amount of $25,000,000 to prepay certain prior COPs and detailed forms and documents related to the transaction, including supplements to trust and lease agreements and escrow and purchase contracts.
Item 11 was described as appropriating $28,300,000 (and other prior debt service reserve proceeds and deappropriations noted in the clerk’s explanation) and placing these funds on the controller’s reserve pending the sale of COPs and receipt of proceeds in fiscal year 2024–25. The clerk summarized the financing structure and amounts on the record and the board took first reading action without objection.
Separately, item 14 was a resolution to approve a third amendment to a grant agreement between Episcopal Community Services and the Department of Homelessness and Supportive Housing to extend the term through June 30, 2027 and increase the agreement amount by $11,500,000 for a new total of $21,500,000 to support short‑to‑medium term rapid rehousing for adults. The clerk called the roll and the board adopted the resolution unanimously (11 ayes).
Clerk summary of item 10 described the COPs as "evidencing and representing an aggregate principal amount of, 25,000,000 to prepay previous certain other COPs that finance the design, acquisition, construction, reconstruction, expansion, improvement, equipping, renewal, restoration, or replacement of certain capital improvements to port commission properties,” and listed the James R. Herman cruise terminal at Pier 27 lease/leaseback as an example of covered projects. Item 11 contained the appropriation and reallocation mechanics to place funds on controller reserve pending sale proceeds.
Both COPs ordinances were called together and taken on the same house, same call; the chair stated they were passed on first reading without objection. The finance items will proceed through required committee and second‑reading steps as required by ordinance rules. The Episcopal Community Services amendment (item 14) was adopted immediately by roll call.
No public testimony or extended debate was recorded on the COP financing items; supervisors and the clerk moved through the item descriptions and votes as part of the new business and consent sequences.
