Loading...
The resolution provided for by Section 2.31 of this Code shall be adopted by the Board of Supervisors not less than 141 days before the election at which such proposal is to be submitted to by the voters. At any meeting of the Board subsequent to that at which the resolution is adopted, but not less than 99 days before such election, the Board may finally pass an ordinance ordering the submission of such proposal to the qualified voters of the City and County at an election held for that purpose. The time limits as herein set forth may be waived by resolution of the Board of Supervisors.
(Amended by Ord. 16-74, App. 1/4/74; Ord. 112-87, App. 4/24/87; Ord. 133-99, File No. 990584, App. 5/28/99)
Any proposal for bonded indebtedness submitted pursuant to this Article VII shall include, as a provision of the ordinance submitting such proposal to the voters, language incorporating and authorizing the passthrough of the change in a landlord’s property tax resulting from the repayment of such indebtedness as provided in Administrative Code Section 37.3(a)(6).
A resolution determining that the public interest or necessity demands the acquisition, construction or completion of the specific public improvement to be financed under such a proposal, submitted to the Board pursuant to Section 2.31, shall contain a separate statement that the ordinance submitting such proposal to the voters shall comply with this Section.
(Added by Ord. 252-06, File No. 061183, App. 10/11/2006; amended by Ord. 92-24, File No. 240174, App. 5/10/2024, Eff. 6/10/2024, Oper. 7/1/2024)
(a) No bonded indebtedness shall be incurred by the City and County which together with the amount of bonded indebtedness outstanding shall exceed three percent of the assessed value of all real and personal property in the City and County subject to taxation for City and County purposes. Bonded indebtedness heretofore or hereafter created for water supply, storage or distribution purposes, sewers and sewerage collection, disposal and treatment, water pollution control, and the acquisition, construction or completion of air transportation facilities and bonded indebtedness created pursuant to Charter Sections 9.107(4), 9.107(5) and 9.107(7) shall be exclusive of the limitation on the amount of bonded indebtedness of the City and County contained in this Section; provided, however, that any bonded indebtedness for sewers and sewerage collection, disposal and treatment, and for water pollution control, must be financed by sewerage service charges for the foregoing exclusion to be applicable.
(b) Any and all indebtedness assumed for the purpose of accepting the transfer and assuming jurisdiction and control of the harbor of San Francisco and the facilities thereof, in accordance with the terms and conditions of Statutes 1968, Ch. 1333, shall not be included in the bond debt limit provided for in Subsection (a); and, if thereafter any additional bonded indebtedness is incurred to improve said harbor in connection with the operation thereof, said bonded indebtedness so incurred shall also be exempt from the limitations contained in Subsection (a).
(c) A bonded indebtedness for the construction, completion or acquisition of foreign trade zones and the acquisition of necessary lands, buildings and equipment authorized by the electors in accordance with the provisions of the Charter shall be exclusive of the bonded indebtedness of the City and County limited by the Charter.
(d) Revenue to meet current annual interest and redemption or sinking fund for outstanding general obligation bonds issued for the acquisition, construction or any extension of any utility under the jurisdiction of the Public Utilities Commission, shall always be provided out of the tax levy.
(Added by Ord. 439-96, App. 11/8/96; amended by Ord. 133-99, File No. 990584, App. 5/28/99)
Loading...