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Title:
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Ordinance calling and providing for a special election to be held in the City and County of San Francisco on Tuesday, June 3rd 2008, for the purpose of submitting to the voters of the City and County of San Francisco a proposition to restructure the City's previously approved Seismic Safety Loan Program to authorize the following bonded debt of the City and County: Fifty Million Dollars ($50,000,000) for a loan program seeking to finance privately-owned renewable energy and energy efficiency projects, subject to loan repayments from the borrowers in amounts necessary to pay debt service on such bonded indebtedness; amending the previously approved Seismic Safety Loan Program bonding authority to reflect such reallocation; finding that the estimated cost of such proposed project is and will be too great to be paid out of the ordinary annual income and revenue of the City and County and will require expenditures greater than the amount allowed therefor by the annual tax levy; reciting the estimated cost of such proposed project; fixing the date of election and the manner of holding such election and the procedure for voting for or against the proposition; fixing the maximum rate of interest on such bonds and providing for the levy and collection of taxes to pay both principal and interest thereof; prescribing notice to be given of such election; finding that the proposed project is excluded from the California Environmental Quality Act; finding that the proposed project is in conformity with the priority policies of Planning Code Section 101.1(b) and with the General Plan consistency requirement of Administrative Code Section 2A.53; authorizing landlords to passthrough to residential tenants in units subject to Chapter 37 of the San Francisco Administrative Code (the “Residential Stabilization and Arbitration Ordinance") 50% of the increase in the real property taxes attributable to the cost of the repayment of the bonds; consolidating the special election with the general election on the same date; establishing the election precincts, voting places and officers for the election; waiving the word limitation on ballot propositions imposed by San Francisco Municipal Elections Code Section 510; complying with Section 53410 of the California Government Code; incorporating the provisions of Article V of Chapter V of the San Francisco Administrative Code; and waiving the time requirements specified in Section 2.34 of the San Francisco Administrative Code.
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