SEC. 9.111. GENERAL AUTHORITY.
§ 9.111
San Francisco and its commissions may incur and refinance debt under California state law, with an exception that certain Controller certifications are waived if the Controller first confirms sufficient unencumbered funds exist to cover all payments as they come due.
San Francisco and its departments can borrow money and refinance existing debts following California state law. Normally the Controller (the city's chief financial officer) has to sign off on these transactions. However, the Controller can skip some of those sign-offs if they first check and confirm that the city will have enough money available in the right accounts to pay back what it owes when the payments are due.
- Complex:The section contains multiple cross-references (Sections 3.105 and 9.113) and uses technical financial terminology (unencumbered balances, financing leases, exchange of payments) that may be unclear to non-specialists.
AI-generated · claude-haiku-4-5 · informational only, not legal advice.
Official text
Except as otherwise expressly provided in this Charter, the City and County and its commissions shall have the authority to incur and refund indebtedness as provided by and pursuant to the general laws of the state as such laws are in force at the time any indebtedness is created or refunded by the City and County or its commissions. The Controller certifications required by Sections 3.105 and 9.113 shall not apply to any indebtedness, financing leases or agreements for an exchange of payments based upon interest rates which are entered into in connection with indebtedness or financing leases, provided that the Controller first certifies that sufficient unencumbered balances are expected to be available in the proper fund to meet all payments under such obligations as they become due.
(Amended June 2, 1998)
SEC. 9.111-1.
(Added June 2, 1998; repealed November 2002)