Debt Program

General Obligation Bonds

The Plan anticipates $2.7 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 relationship between the G.O. Bond Program and the local property 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 1.5
G.O. Bond Program
(Dollars in Millions)
Election Date Bond Program Amount
November 2019 Affordable Housing 500
March 2020 Earthquake Safety & Emergency Response 628.5
November 2020 Parks & Open Space 255
June 2022 Transportation 500
November 2023 Public Health 220
November 2026 Waterfront Safety 150
November 2027 Earthquake Safety & Emergency Response 271.5
November 2028 Parks & Open Space 200
Total   2,725

 

Chart 1.1

General Obligation Bonds Chart

Certificates of Participation

The Plan anticipates $963 million in Certificates of Participation (COPs), also known as General Fund debt, 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 1.6
COPs FY2018-2027
(Dollars in Millions)
Year of Issuance Project Amount
FY2019 Public Health 101 Grove Exit 108
FY2019 HOPE SF Horizontal Infrastructure 57
FY2020 Family Services Center/City Offices 50
FY2020 Hall of Justice Relocation Projects 131
FY2022 Critical Repairs Recession Allowance 60
FY2023 Critical Repairs Recession Allowance 60
FY2025 Hall of Justice Demolition & Enclosure 55
FY2026 Public Works Yards Consolidation 25
FY2028 Hall of Justice Consolidation Plan 417
Total   963

 

Chart 1.2
Certifications of Participation Diagram