SEC. 9.106. GENERAL OBLIGATION BONDS.
§ 9.106
The Board of Supervisors may issue general obligation bonds following California law, with a cap on total outstanding bond debt of three percent of the City and County's assessed property value.
The city's Board of Supervisors can borrow money by issuing bonds (a way to raise funds that gets paid back over time). They must follow California state law when they do this. However, the total amount of money the city can owe through these bonds cannot exceed three percent of the total value of all property (real estate and personal property) in San Francisco.
- Complex:The section references external legal frameworks (California Constitution and state law) without explaining them, making it difficult for ordinary readers to understand what "in accordance with" means in practice.
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Official text
The Board of Supervisors is hereby authorized to provide for the issuance of general obligation bonds in accordance with the Constitution of the State of California. General obligation bonds may be issued and sold in accordance with state law or any local procedure adopted by ordinance. There shall be a limit on outstanding general obligation bond indebtedness of three percent of the assessed value of all taxable real and personal property, located within the City and County.