SEC. 9.109. REFUNDING BONDS.
§ 9.109
The Board of Supervisors may issue bonds to refund (refinance) existing City and County debt without voter approval, provided the refunding is expected to produce net savings in debt service costs calculated according to ordinance procedures.
The Board of Supervisors can issue new bonds to pay off old bonds the City and County owe. They don't need voters to approve this. However, the new bonds must be expected to save the City money overall (on a present-value basis), using a method set up by City law.
- Could be simpler:The phrase 'on a present value basis, calculated as provided by ordinance' is vague and cross-references another ordinance without explaining what calculation method governs the savings determination; clearer guidance in this section would help readers understand what 'net debt service savings' means.
AI-generated · claude-haiku-4-5 · informational only, not legal advice.
Official text
The Board of Supervisors is hereby authorized to provide for the issuance of bonds of the City and County for the purpose of refunding any general obligation or revenue bonds of the City and County then outstanding. No voter approval shall be required for the authorization, issuance and sale of refunding bonds, which are expected to result in net debt service savings to the City and County on a present value basis, calculated as provided by ordinance.