525 Golden Gate Avenue
4th Floor
San Francisco, CA 94102
p. (415) 554-5184
f. (415) 554-5163
[email protected]
Background
In November 2003, the Public Utilities Revenue Bond Oversight Committee (RBOC) was formed after passage of Proposition P (November 2002), adding Sections 5A.30 through 5A.36 to the San Francisco Administrative Code.
The RBOC facilitates transparency and accountability in the expenditure of revenue bond proceeds. The public is invited and welcome to attend RBOC meetings and provide input.
Pursuant to Administrative Code, Section 5A.36, the RBOC is charged with providing independent oversight of the expenditure of public utility revenue bond proceeds for capital improvements. The committee helps ensure an uninterrupted supply of water, power, and wastewater treatment services to the City and County and San Francisco Public Utilities Commission (SFPUC) customers. Further, it helps ensure public dollars are spent in accordance with the authorizing bond resolutions and applicable laws.
After conducting an independent audit, and consulting with the City Attorney, the RBOC may determine that proceeds of a revenue bond program were not utilized for purposes authorized in accordance with the associated bond resolution or applicable law. It may be further determined that this surmounts to an illegal expenditure or waste of such revenue bonds. By majority vote, the RBOC may prohibit the issuance or sale of authorized revenue bonds that have yet to be issued or sold.
Any RBO C decision to prohibit the sale of authorized but unsold revenue bonds may be appealed to the Board of Supervisors. The SFPUC can provide evidence of corrective measures to the Board, and the Board may decide to overturn the decision by the RBOC, upon a two-thirds vote of all of its members. To date, the RBOC has not prevented any issuance of SFPUC revenue bonds.
The SFPUC continues to incur bonded indebtedness to finance capital improvements related to enterprises, the Water, Sewer and Power Enterprises. The enterprises have embarked on major system improvement programs, which are expected to be completed in 2021 and beyond, respectively. However, the provisions of Proposition P were set to expire on January 1, 2013, unless extended by an ordinance of the Board of Supervisors.
In 2012, t
he Board extended the sunset date to January 1, 2016, (see Ordinance No. 236-12, BOS File No. 120221). Accordingly, in 2015, the SFPUC submitted, and the Board of Supervisors approved, a resolution supporting the extension of the RBOC until January 1, 2019. On December 11, 2018, the Board of Supervisors approved Ordinance No. 309-18, BOS File No. 180123, extending the RBOC through January 1, 2025.
Mission Statement
The Revenue Bond Oversight Committee (RBOC) monitors the expenditure of revenue bond proceeds related to the repair, replacement, upgrade and expansion of the SFPUC’s water, power and sewer infrastructure. The RBOC provides independent oversight to ensure transparency and accountability. The goal of the RBOC is to ensure that San Francisco Public Utilities Commission (SFPUC) revenue bond proceeds are spent for their intended purposes in accordance with legislative authorization and other applicable laws.
Introduction
The purpose of this report is to detail the activities of the RBOC for the period January 2020 to June 2021 (“the period”). In the past, the RBOC published annual reports on a calendar year basis, going forward the RBOC will publish annual reports on a fiscal- year basis (July to June) to align with the City and county of San Francisco.
Accomplishments
During the period, the RBOC focused on the following initiatives:
• Worked with SFPUC and other city staff to prepare and finalize the revenue bond expenditure audits process.
•Initiated and monitored the progress of the audits of six bonds in connection with Water System Improvement Program (WSIP) and Sewer System Improvement Program (SSIP) expenditures.
•Monitored the outcome of bond sales and ongoing debt issuance plans. •Reviewed progress of WSIP and SSIP, with particular focus on the accuracy of budgeting and scheduling forecasts, and continued attention to ensuring that lessons learned from the WSIP are applied to the SSIP. • H
eard presentations from SFPUC staff on results of bond sales and updates on the Water Infrastructure Finance and Innovation Act (WIFIA) loan transaction.
Future Activities
The RBOC plans to cover the following initiatives in the next fiscal year:
• M oni tor the progress and completion of the ongoing audits of revenue bond expenditures.
• Work with the SFPUC and other city staff to initiate future audits of revenue bond expenditures.
• Explore acquiring consultants to examine the performance of completed projects. • Monitor completion of the WSIP and other major Water Enterprise capital projects including the Mountain Tunnel.
• Review planned and completed projects of the SSIP.
• Visit project sites funded by SFPUC revenue bond expenditures. • Ensure the continuity of oversight through member succession planning • Improve outreach to ensure greater public awareness and input related to the SFPUC’s expenditure of revenue bond proceeds.
Committee Membership
Membership
The RBOC is comprised of seven members:
• Two seats appointed by the Mayor
• Two seats appointed by the Board of Supervisors
• One seat appointed by the City Controller
• One seat appointed by the Bay Area Water User's
Association (BAWUA), under the auspices of the Bay
Area Water Supply and Conservation Agency
(BAWSCA), and
• One seat occupied by the Budget and Legislative
Analyst or his/her representative.
At a minimum, the members appointed by the Mayor and the Board shall, individually or collectively, have expertise, skills and experience in economics, the environment, construction, and project management.
The member appointed by the Controller shall have background and experience in auditing, accounting, and project finance.
Biographies of current RBOC members is included below. Please see Appendix 1 for information on past members who served during the period.
Member Biographies
Ettore Leale (Chair)
Appointed by the Board of Supervisors
Ettore Leale is an executive and investor with 20 years of Silicon Valley / Global Technology experience in the internet, software, and digital education industries. At heart Ettore is a business builder and growth driver passionate about taking embryonic products and ideas and scaling them into large profitable businesses. His sweet spot is at the intersection of technology investments and portfolio company operational improvements.
His board of directors experience includes serving on audit and compensation committees, and working alongside company
CEOs on acquisitions, organic growth initiatives, and new product launches. His specialties include digitalization,
internationalization, and go-to market in the US and emerging markets.
Kevin Cheng (Resigned 02/12/20)
Appointed by the Mayor (Vacant Seat)
Former principal management consultant developing and
executing strategy and operation work for major Fortune 500 corporations, with particular expertise in project
management. Current managing partner of a San
Francisco-based development company.
Tim Cronin (Term expired 11/20/20)
Appointed by Board of Supervisors
Tim Cronin is an attorney in the San Francisco office of Wilson Sonsini Goodrich & Rosati, where he advises
clients on issues relating to the development, financing, and regulation of energy and infrastructure projects, with a focus on community solar and community choice
aggregation.
Tim holds a bachelor's degree in Law & Society from
American University and a law degree from U.C. Berkeley.
Before attending law school, Tim worked at the American Council On Renewable Energy (ACORE) in Washington,
DC, where he promoted international partnerships among
government actors, renewable energy companies, and
financiers as the organization's manager of international programs.
Christina Tang
Appointed by BAWSCA
Finance Manager for the Bay Area Water Supply and
Conservation Agency (BAWSCA) representing its 26
members’ collective interests in their relationship with the SFPUC on matters related to water supply, facility
reliability, operations, water quality and wholesale water rates. Christina has over 15 years of experience in public finance, including direct experience in debt management.
Christina received her Master of Science degree in
Finance from the University of Houston, and her Master of Public Administration from the University of Illinois at Springfield. Christina is a certified Public Finance Officer designated by GFOA.
Travis George (Resigned 09/22/20)
Appointed by the Controller (Vacant Seat)
Having served in multiple roles for the East Bay Municipal Utility District, Travis has a background in both utilities and municipal finance. Before his current role, Travis worked at Moody’s Investors Service where he served five years as a credit rating analyst. During his time with Moody's he rated a wide range of municipal issuers including many water,
wastewater and electric utilities. Travis also previously served as an analyst for both Con Edison in New York City and
Bonneville Power Administration in Portland, OR. Travis holds a bachelor's degree in Economics from Portland State University and a master's degree in Public Administration and Policy from New York University.
Reuben Holober
Appointed by the Budget and Legislative Analyst's Office As an Analyst for the San Francisco Board of Supervisors Budget and Legislative Analyst's Office, Reuben conducts legislative and policy analysis, budget review, and performance audits. Reuben holds a Bachelor's Degree in Political Science and
Communication from the University of Washington and a Master's Degree in Public Policy from the Goldman School of Public Policy at UC Berkeley.
Lars Kamp
Appointed by the Board of Supervisors
Lars Kamp is a co-founder and CEO of Some Engineering Inc., a San Francisco-based software start-up. He’s been a start-up operator and founder for the past ten years. As a founder, he’s raised both debt and equity financing, and managed global P&Ls.
He began his career at Accenture in 2001, where he worked out of Accenture’s offices in Vienna, Rome and Seoul. He joined Accenture’s San Francisco office in 2006. Lars’ work with Accenture clients comprised the planning, financing and roll-out of global communication and cloud computing infrastructure, with multi-$B capital budgets. The operation of data center
infrastructure dealt with the sustainable use of water for cooling systems, as well as developing strategies for long-term water resilience. Lars has a Master’s Degree in Economics and Business Administration from Passau University, Germany. He’s fluent in German, Italian and French. Lars lives with his family in the Presidio (District 2).
January 2020 - June 2021 Meeting Schedule
D ue to the Covid-19 Heath Emergency the RBOC was only able to hold five meetings in 2020. During the January 2021 to June 2021 period RBOC held six meetings. Please see Appendix 2 for a summary of agenda topics.
Full agendas and minutes for each meeting are available at:
https://sfpuc.org/about-us/boards-commissions-committees/revenue- bond-oversight-committee
January 2020 - June 2021 Account Summary
Pursuant to Proposition P, the RBOC receives 1/20th of 1% of gross revenue bond proceeds to fund the cost of retaining the services of “outside auditors, inspectors and necessary experts to perform independent reviews."
As
of June 30, 2021, RBOC had an available account balance of $2,399,958. A complete accounting of RBOC funds can be found in Appendix 3.
Bond Expenditure Certification
As part of its mission, the RBOC asks staff to affirm that all bond proceeds are spent “appropriately and according to authorization and applicable laws.”
Please see Appendix 4 for the “Bond Expenditure Certification” and Appendix 5 for the “Debt Overview.”
Meeting Schedule: January 2020- June 2021
Due to the COVID-19 health emergency, regularly scheduled meetings of the RBOC meet monthly via teleconferencing on the following dates at 9:00 A.M. at the SFPUC Building located at 525 Golden Gate Avenue, in San Francisco, unless otherwise specified.
Meeting agendas of the RBOC will be posted on
https://sfpuc.org/about-us/boards-commissions-committees/revenue- bond-oversight-committee and at the SF Main Library, 5th Floor.
The public is invited to attend RBOC meetings and provide input. 2020
• February 10, 2020 (SFPUC Building - 525 Golden Gate
Avenue)
• July 7, 2020
• October 27, 2020
• November 17, 2020
• December 14, 2020
2021
• January 5, 2021
• February 16, 2021
• March 11, 2021
• April 12, 2021
• May 10, 2021
• June 7, 2021
Acknowledgements
The RBOC would like to express its appreciation to the SFPUC staff and others for facilitating the tasks of the committee. Specifically, the committee would like to acknowledge the following staff:
San Francisco Public Utilities Commission – Former General Manager Harlan Kelly, CFO Eric Sandler, Deputy CFO Charles Perl, Water Enterprise Assistant General Manager Steven Ritchie, former Director, Water Capital Projects and Programs Dan Wade, former acting SSIP Director Howard Fung, SSIP Director Stephen Robinson, Sheena Johnson, Richard Morales, Mike Brown, Frank McParland, Yolanda Manzone, Kristina Cordero, and Erin Franks.
City Attorney’s Office - Deputy City Attorney Mark Blake.
Controller’s Office – Former Audit Director Tonia Lediju, Winnie Woo, Nicole Kelly, Melissa Ng, Massanda Djohns, and Hunter Wang.
From the Board of Supervisors, the RBOC wishes to thank Assistant Clerks Victor Young and Brent Jalipa for their technical and administrative support.
Appendix 1. RBOC Members January 2020 through
June 2021
Member Appointment and Terms Qualifications
Kevin Cheng Mayor Appointee Appointed on
5/19/2010
Term expired on 11/12/2013
(Resigned 2/12/2020)
Former management consultant developing and
executing strategy and operation work for major
Fortune 500 corporations, with particular expertise
in project management. Current managing partner
of San Francisco based development company.
Christina Tang
(Active)
Bay Area Water Users
Association Appointee
Appointed on 7/1/2014 Term
expired on 7/1/2018.
Reappointed on 2/06/2019
Term expires on 11/12/2023
Finance Manager for the Bay Area Water Supply
and Conservation Agency (BAWSCA) representing
its 26 members’ collective interests in their
relationship with the SFPUC on matters related to
water supply, facility reliability, operations, water
quality and wholesale water rates. Christina has
almost fourteen years of experience in financial
operations with City and County governments and
special district governmental entities, including debt
issuance and debt management. Christina received
her Master of Science degree in Finance from the
University of Houston, and her Master of Public
Administration from the University of Illinois at
Springfield.
Travis George
Controller Appointee
Appointed on 1/20/2017
Term expires on 11/12/2019
(Resigned 9/22/2020)
Debt Administrator for the East Bay Municipal Utility
District, Travis has a background in both utilities
and municipal finance. Before his current role,
Travis worked at Moody’s Investors Service where
he served five years as a credit rating analyst.
During his time with Moody’s he rated a wide range
of municipal issuers including many water,
wastewater and electric utilities. Travis also
previously served as an analyst for both Con
Edison in New York City and Bonneville Power
Administration in Portland, OR. Travis holds a
bachelor’s degree in Economics from Portland
State University and a master’s degree in Public
Administration and Policy from New York
University.
Reuben Holober
(Active)
Budget and Legislative
Analyst Appointee
Appointed on 11/19/ 2019
Term expires on 11/12/2023
As an Analyst for the San Francisco Board of
Supervisors Budget and Legislative Analyst’s Office,
Reuben conducts legislative and policy analysis,
budget review, and performance audits. Reuben holds
a Bachelor’s Degree in Political Science and
Communication from the University of Washington
and a Master’s Degree in Public Policy from the
Goldman School of Public Policy at UC.
Tim Cronin
Board of Supervisors
Appointee
Appointed on 12/3/2016
Term expired on 11/12/2020
(Resigned 3/11/2021)
Tim Cronin is an attorney in the San Francisco
office of Wilson Sonsini Goodrich & Rosati, where
he advises clients on issues relating to the
financing, development, and regulation of energy
and infrastructure projects. Tim has represented
developers and investors in financings involving
large distributed and utility-scale renewable
energy project portfolios. In addition, he provides
counsel to energy and infrastructure companies
with respect to customer agreements and federal,
state, and local regulations as such companies
seek to enter new markets and offer new
distributed energy services to residential and
commercial customers. Before attending law
school at U.C. Berkeley, Tim worked at the
American Council On Renewable Energy
(ACORE) in Washington, DC, where he promoted
international partnerships among government
actors, renewable energy companies, and
financiers as the organization’s manager of
international programs.
Ettore Leale
Active
Board of Supervisors
Appointee
Appointed on
01/28/2020______
Term expires on
11/12/2023
Ettore Leale is an executive and investor with 20
years of Silicon Valley / Global Technology
experience in the internet, software, and digital
education industries. At heart Ettore is a business
builder and growth driver passionate about taking
embryonic products and ideas and scaling them into
large profitable businesses. His sweet spot is at the
intersection of technology investments and portfolio
company operational improvements. His board of
directors experience includes serving on audit and
compensation committees, and working alongside
company CEOs on acquisitions, organic growth
initiatives, and new product launches. His specialties
include digitalization, internationalization, and go-to market in the US and emerging markets.
Lars Kamp
Active
Board of Supervisors
Appointee
Appointed on
01/28/2020
Term expires on
11/12/2023
Lars Kamp is a co-founder and CEO of Some
Engineering Inc., a San Francisco-based software
start-up. He’s been a start-up operator and founder
for the past ten years. As a founder, he’s raised both
debt and equity financing, and managed global P&Ls.
He began his career at Accenture in 2001, where he
worked out of Accenture’s offices in Vienna, Rome
and Seoul. He joined Accenture’s San Francisco
office in 2006. Lars’ work with Accenture clients
comprised the planning, financing and roll-out of
global communication and cloud computing
infrastructure, with multi-$B capital budgets. The
operation of data center infrastructure dealt with the
sustainable use of water for cooling systems, as well
as developing strategies for long-term water
resilience. Lars has a Master’s Degree in Economics
and Business Administration from Passau University,
Germany. He’s fluent in German, Italian and French.
Lars lives with his family in the Presidio (District 2).
Appendix 2: Meeting Summaries
The RBOC held five meetings in 2020 and six meetings during the January-June 2021 period. Below is a summary of agenda topics. Full agendas and minutes for each meeting are available at: https://sfpuc.org/about-us/boards-commissions-committees/revenue- bond-oversight-committee
• February 10, 2020
o Audit Contract Progress Update
o SFPUC Report on the Water Bond Series 2019 ABC Refunding Results
o SFPUC FY2019 – Water Enterprise Green Bond Report
• July 7, 2020
o Audit Contract Progress Update
o SFPUC Quarterly Budget Update
o SFPUC Water Bond Sale Update
o Annual Report Update (2019)
• October 27, 2020
o Wastewater and Sewer System Improvement Program Capital Improvement Update
o Audit Entrance Conference and Scope Update
o Annual Report Update (2019)
o SFPUC Presentation of Water Bond Sale Results
o SFPUC Water Infrastructure Finance and Innovation Act Loan Update
• November 17, 2020
o Audit Contracting Update
o SFPUC Water Capital Update
o Annual Report Update (2019)
• December 14, 2020
o Power Enterprise Update
o Annual Report Update (2019)
• January 5, 2021
o Audit Update
• February 16, 2021
o Audit Update
o Annual Report Update (2020)
• March 11, 2021
o Audit Update
o SFPUC Update on Water System Improvement, Water Enterprise Capital, and Hetch Hetchy Capital Improvement Programs
• April 12, 2021
o Audit Update
o Annual Report Update (2020)
• May 10, 2021
o Audit Update
o Amending Bylaws - Definition of “Reporting Period” for the Annual Report
• June 7, 2021
o Audit Update
o Amending Bylaws - Definition of “Reporting Period” for the Annual Report
Appendix 3: June 2021 Budget Summary
Appendix 4: Bond Expenditure Certificate from SFPUC
CERTIFICATION OF THE CHIEF FINANCIAL OFFICER, ASSISTANT GENERAL
MANAGER FOR BUSINESS SERVICES FOR
THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION
TO THE REVENUE BOND OVERSIGHT COMMITTEE
I, Eric Sandler, the duly authorized and acting Chief Financial Officer, Assistant General Manager for Business Services of the San Francisco Public Utilities Commission (“SFPUC”), hereby certify to the Public Utilities Revenue Bond Oversight Committee (“RBOC”) that I have reviewed such documents as I reasonably have deemed necessary for purposes of this certification, including:
1. The FY 2019-20 Financial Statements of the SFPUC Water Enterprise, including the opinion letter of KPMG, dated as of January 22, 2021;
2. The FY 2019-20 Financial Statements of the SFPUC Wastewater Enterprise, including the opinion letter of KPMG, dated as of January 22, 2021;
3. The FY 2019-20 Financial Statements of SFPUC Hetch Hetchy Water and Power and CleanPowerSF, including the opinion letter of KPMG, dated as of January 22, 2021;
4. The FY 2020-21 WSIP Quarterly Reports of the SFPUC related to the Water Enterprises;
5. The FY 2020-21 SSIP Quarterly Reports of the SFPUC related to the Wastewater Enterprise
Based upon a review of such documents, together with such other information that I reasonably have deemed necessary for purposes of providing this certification, I hereby advise you that no facts have come to my attention, after due inquiry, that cause me, exercising the judgment reasonably expected of my office and position, to believe that proceeds of any bond issue of the SFPUC have been wasted, not used for their authorized purposes or otherwise used illegally. For purposes of this certification, I have not undertaken to audit or to cause to be audited any outstanding bond issue of the SFPUC, and only undertake to report to the RBOC the results of the review described above, in my role as Chief Financial Officer, Assistant General Manager for Business Services of the SFPUC.
This certification is delivered to you this 2nd day of December 2021.
PUBLIC UTILITIES COMMISSION OF
THE CITY AND COUNTY OF SAN
FRANCISCO
Eric Sandler
Chief Financial Officer
Assistant General Manager/ Business
Services
Appendix 5: Debt Overview
Summary of Enterprise Debt Programs
(as of June 30, 2021)
Water Wastewater Power
Outstanding Debt
Revenue Bonds $4.7B $1.5B $36.6M
SRF/WIFIA Loans
(Executed/Drawn) $171M/$72M $1.5B/$92M ----
Tax Credit Bonds ---- ---- $6.3M
Commercial Paper:
(Authorized/Drawn) $500M/$105.9M $750M/$638.5M $250M/$114.7M Credit Ratings
Long-Term Aa2/AA- Aa2/AA AA/AA-
Short-Term P-1/A-1 P-1/A-1+ F1+/A-1
Appendix 5, Continued: Outstanding Revenue Bonds by Series Outstanding SFPUC Bonds
(as of June 30, 2021) RBOC Issue
Date
Maturity
Date
Original
Par
($000s)
Outstandi
ng
Principal
($000s)
Notes
(All dollars in 000s)
WATER
2010 Revenue Bonds, Series B Yes 06/17/10 11/01/40 $417,720 $361,500 Build America Bonds (BABs); TIC is net of subsidy (WSIP) 2010 Revenue Bonds, Series E Yes 08/04/10 11/01/40 $344,200 $344,200 Build America Bonds (BABs); TIC is net of subsidy. (WSIP) 2010 Revenue Bonds, Series G Yes 12/22/10 11/01/50 $351,470 $351,470 Build America Bonds (BABs); TIC is net of subsidy (WSIP) 2011 Revenue Bonds, Series B Yes 08/04/11 11/01/41 $28,975 $755 Improvements to Hetch Hetchy Water; reflects 2/13 BAWSCA defeasance 2011 Revenue Bonds, Series C Yes 08/04/11 11/01/41 $33,595 $825 Water main improvements; reflects 2/13 BAWSCA defeasance 2015 Revenue Bonds, Series A No 04/16/15 11/01/36 $429,600 $397,745 Refunded all outstanding 2006A bonds and a portion of 2009A Bonds (WSIP) 2016 Revenue Bonds, Series A No 10/20/16 11/01/39 $763,005 $743,050 Partially refunded 2009A, 2009B, and 2010F Bonds (WSIP) 2016 Revenue Bonds, Series B No 10/20/16 11/01/30 $130,815 $81,525 Fully refunded 2006B, 2006C, and partially refunded 2010A Bonds 2016 Revenue Bonds, Series C
(Green) No 12/14/16 11/01/46 $259,350 $237,050
Taxable refunding of $237M outstanding CP and $20 million new money proceeds (WSIP)
2017 Revenue Bonds, Series A
(Green) Yes 12/13/17 11/01/47 $121,140 $27,000 Fund WSIP 2017 Revenue Bonds, Series B Yes 12/13/17 11/01/47 $147,725 $32,930 Fund Water Enterprise Capital 2017 Revenue Bonds, Series C Yes 12/13/17 11/01/47 $70,675 $15,750 Improvements to water-related infrastructure of the Hetch Hetchy Water and Power system
2017 Revenue Bonds, Series D
(Green) No 12/28/17 11/01/35 $350,305 $347,720 Partially refunded 2011A, and 2012A (WSIP) 2017 Revenue Bonds, Series E No 12/28/17 11/01/31 $48,890 $48,890 Partially refunded 2011C, 2011D and 2012C 2017 Revenue Bonds, Series F No 12/28/17 11/01/31 $8,705 $8,705 Partially refunded 2011B 2017 Revenue Bonds, Series G
(Green) No 12/28/17 11/01/24 $33,780 $32,780 Partially refunded 2011A (WSIP) 2019 Revenue Bonds, Series A
(Green) No 01/09/20 11/01/43 $622,580 $615,725 Taxable Advance Refunding 2019 Revenue Bonds, Series B No 01/09/20 11/01/41 $16,450 $16,450 Taxable Advance Refunding 2019 Revenue Bonds, Series C No 01/09/20 11/01/41 $17,925 $17,925 Taxable Advance Refunding 2020 Revenue Bonds, Series A
(Green) Yes 09/23/20 11/01/50 $150,895 $150,895 Retired $180M in outstanding TE Water CP for WSIP Projects. 2020 Revenue Bonds, Series B Yes 09/23/20 11/01/50 $61,330 $61,330 For Non-WSIP Regional CIP 2020 Revenue Bonds, Series C Yes 09/23/20 11/01/50 $85,335 $85,335 For Non-WSIP Local CIP 2020 Revenue Bonds, Series D Yes 09/23/20 11/01/50 $49,200 $49,200 Retired approx. $49M in outstanding HHW CP. 2020 Revenue Bonds, Series E
(Green) No 10/21/20 11/01/43 $341,435 $341,435 Refunded and partially refunded 2010D, 2012A, 2017A 2020 Revenue Bonds, Series F No 10/21/20 11/01/47 $136,880 $136,880 Partially Refunded 2017B 2020 Revenue Bonds, Series G No 10/21/20 11/01/43 $120,585 $120,585 Refunded and partially refunded 2010D, 2011D, 2012B, 2012C 2020 Revenue Bonds, Series H No 10/21/20 11/01/47 $65,495 $65,495 Partially Refunded 2017C Total Bonds - Water $5,208,060 $4,693,150
WASTEWATER
2010 Revenue Bonds, Series A Yes 06/08/10 10/01/21 $47,050 $8,820 Fund Wastewater capital 2010 Revenue Bonds, Series B Yes 06/08/10 10/01/40 $192,515 $192,515 Build America Bonds (BABs); TIC is net of subsidy. 2013 Revenue Bonds, Series A
(Refunding) No 01/30/13 10/01/25 $193,400 $29,595 Refunded 2003A Bonds and SRF loans 2013 Revenue Bonds, Series B (New
Money) Yes 02/27/13 10/01/42 $331,585 $331,585 Funded FY2010-11, FY2011-12 and a portion of FY2012-13 projects 2016 Revenue Bonds, Series A
(Green) Yes 05/24/16 10/01/46 $240,580 $240,580
Fund a portion of SSIP "Green" infrastructure projects and refund ~ $53.4M of outstanding CP
2016 Revenue Bonds, Series B Yes 05/24/16 10/01/46
$67,820
$67,820
Fund a portion of SSIP projects and refund ~$20.6M of outstanding CP (spent primarily on R&R)
2018 Revenue Bonds, Series A
(Green) Yes 08/09/18 10/01/43
$229,050 $229,050
Fund SSIP
2018 Revenue Bonds, Series B Yes 08/09/18 10/01/43 $185,950 $185,950 Fund Wastewater Enterprise capital 2018 Revenue Bonds, Series C
(Green) Yes 08/09/18 10/01/48 $179,145
$179,145
Fund a portion of SSIP projects and refund a portion of~$20.6M of outstanding CP Total Bonds - Wastewater $1,667,095 $1,465,060 Principal: 10/1 / Interest: 4/1 & 10/1 POWER
2015 Revenue Bonds, Series A
(Green) Yes 05/20/15 11/01/45 $32,025 $32,025 Power Revenue Bonds ("Green") 2015 Revenue Bonds, Series B Yes 05/20/15 11/01/26 $7,530 $4,550 Power Revenue Bonds Total Bonds - Power (Senior) $39,555 $36,575
Tax Credit Bonds Investors receive a tax credit in lieu of interest payment 2008 Cl. Renewable Energy Bonds Yes 11/07/08 12/15/22 $12,391 $843 Installation of solar energy equipment on City-owned facilities (12/15 payment dates)
2011 Qualified Energy Cons. Bonds Yes 12/15/11 12/15/27 $8,291 $3,686 Components of 525 Golden Gate that promote energy conservation (12/15 & 6/15 payment dates)
2015 New Cl. Renewable Energy
Bonds Yes 10/15/15 10/25/32 $4,100 $1,780
Two qualified solar equipment projects (10/25 & 4/25 payment dates- *first principal payment 10/25/16)
Total - CREBs, NCREBS, QECBs $24,782 $6,310
Total Bonds - Power $64,337 $42,885
Appendix 5, Continued: SFPUC Debt Issuance FY2021
Enterprise Debt Issuance Amount (par)
Water 2020 Series ABCD
2020 Series DEFG
(Refunding)
$347 Million
$664 Million
Wastewater SRF Loan- SEP
Headworks
$112 Million
Power - -