§ 43.13

This Article shall be known as the San Francisco Municipal Transportation Agency Revenue Bond Law.

(Added by Ord. 57-12, File No. 111354, App. 4/19/2012, Eff. 5/19/2012; amended by Ord. 75-14, File No. 140226, App. 5/28/2014, Eff. 6/27/2014)

For purposes of this Article, the following terms shall have the meanings given below:

"Board" shall mean the Board of Supervisors of the City.

"Board of Directors" shall mean the Board of Directors of the SFMTA.

"Charter" shall mean the Charter of the City.

"City" shall mean the City and County of San Francisco.

"Director of Transportation" shall mean the Director of Transportation of the SFMTA, or his/her designee, or any successor to that Office.

"SFMTA" shall mean the San Francisco Municipal Transportation Agency of the City.

(Added by Ord. 57-12, File No. 111354, App. 4/19/2012, Eff. 5/19/2012; amended by Ord. 75-14, File No. 140226, App. 5/28/2014, Eff. 6/27/2014)

The general authority provided in this Article is intended to be in addition to, and not limited by, specific provisions authorizing the issuance of bonds, notes or other evidences of indebtedness and is separate and complete authority for the actions authorized in this Article.

(Added by Ord. 57-12, File No. 111354, App. 4/19/2012, Eff. 5/19/2012; amended by Ord. 75-14, File No. 140226, App. 5/28/2014, Eff. 6/27/2014)

Editor's Note:

See also Sec. 43.13.7.

(a) Subject to the approval, amendment or rejection of the Board in each instance, the Board of Directors shall have authority to issue revenue bonds for any SFMTA-related purpose, including but not limited to new capital improvements and refundings (including the refunding of bonds issued by The Parking Authority of the City and County of San Francisco or nonprofit corporations), and secured solely by revenues available to the SFMTA and pledged by the SFMTA to such bonds, under such terms and conditions as the Board of Directors may authorize by resolution. Refunding revenue bonds may be issued to further any SFMTA purpose, including but not limited to the refunding of obligations issued or entered into by corporations or The Parking Authority of the City and County of San Francisco to finance parking garages, and the Board of Directors may by resolution approve such refundings based on parameters for debt service savings or other benefits from such refundings (notwithstanding any other savings test in this Article or in any other law).

(b) Revenue bonds issued pursuant to this Article shall bear a rate of interest not to exceed the maximum legal rate of interest and shall be prescribed by resolution of the Board of Directors.

(c) Revenue bonds issued pursuant to this Article may be sold at either competitive or negotiated sale as the Board of Directors may determine by resolution and such determination may be delegated by the Board of Directors to the Director of Transportation.

(d) In connection with the issuance of any revenue bonds issued pursuant to this Article, the Board of Directors may enter into credit enhancement or liquidity agreements.

(e) In connection with the issuance of any revenue bonds pursuant to this Article, the Board of Directors may appoint such agents and other professionals as necessary or desirable.

(Added by Ord. 57-12, File No. 111354, App. 4/19/2012, Eff. 5/19/2012; amended by Ord. 75-14, File No. 140226, App. 5/28/2014, Eff. 6/27/2014)

(a) Revenue bonds issued pursuant to this Article may be secured by the gross revenues (including parking garage and parking meter revenues and excluding general fund transfers and including or excluding any other portion of the revenues as may be particularly described in the related documents) of the SFMTA, in each case as provided in the documentation for such revenue bonds. Revenue bonds issued pursuant to this Article shall be special obligations of the SFMTA, payable as to principal and interest solely out of revenues of the SFMTA expressly pledged therefor. The general fund of the City shall not be liable for the payment of such revenue bonds, and neither the credit nor taxing power of the City, the State of California or any political subdivision thereof shall be pledged to the payment of the principal of or interest on the revenue bonds. No holder of a revenue bond shall have the right to compel the exercise of the taxing power of the City, the State of California or any political subdivision thereof to pay the revenue bonds or the interest thereon.

(b) Revenue bonds issued pursuant to this Article shall not be included in the bonded debt limit provided for in Section 9.106 of the Charter. Nothing in this Article shall prevent the City from issuing general obligation bonds for the purpose of acquiring, constructing, improving or developing transit, transportation and/or related facilities, subject to the general obligation bond issue procedure provided for in the Charter.

(c) Notwithstanding anything to the contrary in this Chapter, the requirements and limitations set forth in Sections 9.107, 9.108 and 9.109 of the Charter shall in no way limit the authority of the SFMTA to issue revenue bonds or refunding revenue bonds.

(d) The Board of Directors may by resolution authorize the issuance of bonds, certificates of participation or other types of debt obligations to refund any bond issued or permitted to be refunded pursuant to the provisions of this Article. Said resolution shall set forth the benefits and the purpose for the issuance of such refunding obligations.

(e) In addition to revenue bonds as described herein, the Board of Directors by resolution may determine to issue revenue bonds, special facility revenue bonds, notes or commercial paper, and related credit enhancement or liquidity facilities, secured by a parity or subordinate lien on all or a portion of the revenues of the SFMTA, in each case as provided in the related documents for such obligation. The authorization and issuance of such obligations shall be entitled to the same rights and benefits, and shall be subject to the same parameters and procedures, as are set forth herein for revenue bonds.

(Added by Ord. 57-12, File No. 111354, App. 4/19/2012, Eff. 5/19/2012; amended by Ord. 75-14, File No. 140226, App. 5/28/2014, Eff. 6/27/2014)

(a) Any action by the Board of Directors or the City to determine, or any action by an interested person challenging, the validity of the SFMTA's revenue bonds shall be brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the California Code of Civil Procedure.

(b) For the purposes of Section 860 of the Code of Civil Procedure, any action initiated pursuant to this section shall be brought in the Superior Court of the City and County of San Francisco.

(Added by Ord. 57-12, File No. 111354, App. 4/19/2012, Eff. 5/19/2012; amended by Ord. 75-14, File No. 140226, App. 5/28/2014, Eff. 6/27/2014)

The powers conferred by the provisions of this Article are in addition to and supplemental to the powers conferred by the Charter or any other ordinance or law.

(Added by Ord. 57-12, File No. 111354, App. 4/19/2012, Eff. 5/19/2012; amended by Ord. 75-14, File No. 140226, App. 5/28/2014, Eff. 6/27/2014)

Editor's Note:

See also Sec. 43.13.3.

The Mayor, the Director of Transportation, the City Attorney, the Controller, the Treasurer, the City Administrator, the Clerk of the Board and other officers of the City and their duly authorized deputies and agents are hereby authorized and directed, jointly and severally, to take such actions and to execute and deliver such certificates, agreements, requests or other documents, as they may deem necessary or desirable to facilitate the purposes of this Article.

(Added by Ord. 57-12, File No. 111354, App. 4/19/2012, Eff. 5/19/2012; amended by Ord. 75-14, File No. 140226, App. 5/28/2014, Eff. 6/27/2014)