(a) Acting under the provisions of the Charter or under any other provision of general State law, the Board of Supervisors may provide for the issuance of refunding bonds for the purpose of refunding any outstanding revenue bonds of the City or its commissions. No voter approval shall be required for any such refunding bonds which provide net debt service savings to the City on a present value basis calculated as provided in such provisions of general State law or by other ordinance of the Board of Supervisors or as hereinafter provided in this Section 43.6.6. Subject to the foregoing limitation, the principal amount of the refunding bonds (in aggregate or with respect to any maturity) may be more than, less than or the same as the principal amount of the bonds to be refunded.
(b) Net debt service savings shall be calculated by comparing the present value of the aggregate debt service on the refunding bonds to that of the refunded bonds as of the dated date of the refunding bonds using an assumed rate of interest equal to the yield on the refunding bonds. To the extent required, the present value of any funds contributed to the refunding by the City shall be deducted from the savings calculation. Notwithstanding any provision of general State law to the contrary, this Section 43.6.6 shall provide an alternative means of calculating debt service savings to any procedure contained in general State law. The City is authorized to rely on any other State law procedure related to calculating debt service savings.
(c) This Section 43.6.6 has been adopted pursuant to Section 9.109 of the Charter.
(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)