Debt Program

General Obligation Bonds

The Plan anticipates $2.1 billion in General Obligation (G.O.) Bonds over the next 10 years. G.O. Bonds are backed by the City’s property tax revenue and are repaid directly out of property taxes through a fund held by the Treasurer’s Office. 

Table 1.5 shows the Capital Plan’s G.O. Bond Program for the next 10 years. 

Chart 1.1 illustrates the relation to G.O. Bond Program on the local tax rate, including existing and outstanding issuance and voter-approved Bonds. This view shows the City’s policy constraint that G.O. Bonds will not increase the property tax rate above 2006 levels. 

All amounts attributed to future debt programs are estimates and may need to be adjusted.

Table 1.6

G.O. Bonds FY2018-2027
(Dollars in Millions)
Election Date Bond Program Proposed Amount
November 2018 Seawall Fortification 350
November 2019 Parks and Open Space 185
November 2020 Earthquake Safety & Emergency Response 290
November 2022 Public Health 300
November 2024 Transportation 500
June 2025 Parks and Open Space 185
November 2026 Earthquake Safety & Emergency Response 290
Total   2,100

 

Chart 1.1

General Obligation Bonds Chart

Certificates of Participation

The Plan anticipates $951 million in Certificates of Participation (COPs) over the next 10 years. COPs are backed by a physical asset in the City’s capital portfolio, and repayments are appropriated each year out of the General Fund. 

Table 1.6 shows the Capital Plan’s COP Program for the next 10 years. 

Chart 1.2 illustrates the COP program against the City’s policy constraint for General Fund debt not to exceed 3.25% of General Fund Discretionary Revenue. 

All amounts attributed to future debt programs are estimates and may need to be adjusted.

 

Table 1.7

COPs FY2018-2027
(Dollars in Millions)
Year of Issuance Project Amount
FY2018 DPH 101 Grove Exit & JUV Admin Relocation 155
FY2019 CJ#2 Improvements Match 12
FY2020-22 Critical Repairs - Recession Allowance ($50M Annually) 150
FY2021 JFIP – HOJ Admin Relocation 308
FY2021 JFIP – Prisoner Exit 190
FY2025 101 Grove Retrofit 50
FY2025 PW Yard Consolidation 50
FY2026 JFIP – HOJ Demolition & Enclosure 48
Total   963

 

Chart 1.2

Certifications of Participation Diagram