City Hall
1 Dr. Carlton B. Goodlett
Place
San Francisco, CA 94102-
4689
City and County of San Francisco
Legislation Details
File #:
Version:
1
170948
Name:
Issuance of Bonds - San Francisco Art Institute, a
California Nonprofit Public Benefit Corporation - Not
to Exceed $20,000,000
Status:
Type:
Resolution
Passed
File created:
In control:
9/5/2017
Clerk of the Board
On agenda:
Final action:
10/5/2017
Enactment date:
10/5/2017
366-17
Enactment #:
Title:
Resolution approving (a) in accordance with Internal Revenue Code, Section 147(f) the issuance of
revenue bonds or a tax-exempt loan by the California Municipal Finance Authority (the “Authority”) in
an aggregate issue price not to exceed $7,000,000 (the “Tax-Exempt Bonds”) to (i) refinance all or a
portion of certain outstanding debt obligations that originally financed and refinanced the acquisition,
construction, equipping and furnishing of facilities, within the City and County of San Francisco (the
“City”), owned and managed by San Francisco Art Institute, a California nonprofit public benefit
corporation (the “Borrower”), in connection with the provision of educational and other services in the
City, including the instruction of students enrolled in its undergraduate and graduate fine arts degree
programs, (ii) finance additional improvements to such facilities, (iii) pay capitalized interest on the Tax
-Exempt Bonds, and (iv) pay certain expenses incurred in connection with the issuance of the Tax-
Exempt Bonds; and (b) in accordance with the Joint Exercise of Powers Agreement, dated as of
January 1, 2004, among the Authority and certain local agencies, including the City, as amended from
time to time, the issuance of revenue bonds or a loan by the Authority in an aggregate issue price not
to exceed $13,000,000 (the “Taxable Bonds” and, together with the Tax-Exempt Bonds, the “Bonds”)
to (i) refinance all or a portion of certain outstanding debt obligations that originally financed and
refinanced the construction, equipping and furnishing of facilities, within the City, leased and occupied
by the Borrower, in connection with the provision of educational and other services in the City,
including the instruction of students enrolled in its undergraduate and graduate fine arts degree
programs, (ii) finance additional improvements to such facilities, (iii) pay capitalized interest on the
Taxable Bonds, and (iv) pay certain expenses incurred in connection with the issuance of the Bonds.
Sponsors:
Mark Farrell
Attachments:
1. Leg Ver1, 2. Proof of Publication 081117, 3. Comm Pkt 092117, 4. Public Correspondence, 5. Bd
Pkt 092617, 6. Leg Final
Action By
Date
Action
Result
Ver.
RECEIVED AND ASSIGNED
President
9/5/2017
1
RECOMMENDED AS COMMITTEE
REPORT
Budget and Finance Committee
9/21/2017
1
Pass
ADOPTED
Board of Supervisors
9/26/2017
1
Pass
APPROVED
Mayor
10/5/2017
1