This is new law.

The legislation authorizes the issuance of tax-exempt or taxable Power Revenue Bonds and other forms of indebtedness in an amount not to exceed $41,031,367. Proceeds of these bonds will be used to finance projects benefitting the Power Enterprise.

The issuance of Power Revenue Bonds and other forms of indebtedness will provide necessary funds to pay for capital projects benefitting the Power Enterprise.

The legislation follows the approval by voters of Proposition E, which authorized the Commission to issue revenue bonds and other forms of indebtedness for improving facilities under its jurisdiction, as well as Proposition A for the issuance of revenue bonds by the Board of Supervisors vote.

The ordinance will take effect thirty days after its adoption.

The legislation stipulates that refunding Power Revenue Bonds to refund outstanding indebtedness of the Power Enterprise should achieve at least a three percent net present value debt service savings, not extend the maturity of the refunded bonds, and a savings report is required within 30 days following the bond sale.