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Measure C Veterans Building Seismic Safety Bonds County of San Francisco Bond Measure 112,475 / 55.00% Yes votes ...... 92,042 / 45.00% No votes
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Index of all Measures |
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Information shown below: Summary | Fiscal Impact | Yes/No Meaning | Full Text | ||||||
Shall the City incur $122,755,000 of bonded indebtedness for the acquisition, rehabilitation, renovation, improvement, construction and/or reconstruction of the San Francisco War Memorial Veterans Building, and all other works, property and structures necessary or convenient for the foregoing purposes, and reduce the property tax impact by requiring the application of available annual revenues of the War Memorial Special Fund to pay the principal and redemption price of, interest on, reserve fund deposits, if any, and/or financing costs for the obligations to be authorized hereby?
The City's War Memorial Veterans Building, opened in 1932, is a local and national landmark. The building houses the Herbst Theatre and Green Room, which are used for public theatrical performances and cultural events. The building also houses offices and meeting rooms for veterans organizations. The building is administered by the City's War Memorial Department, which also runs the Opera House and Davies Symphony Hall. The War Memorial Veterans Building was damaged in the 1989 earthquake and does not meet current earthquake safety standards. It also does not meet current health, safety and building codes or disability access standards. Many of the building's systems # including fire, safety and electrical # are in need of repair or replacement. The Proposal: Proposition C would authorize the City to borrow $122,755,000 by issuing general obligation bonds to pay for repairs and improvements to the War Memorial Veterans Building. The money would be used to:
It should be noted, however, that the City does not plan to issue all authorized bonds at one time; if these bonds are issued over several years, the actual effect on the tax rate would be less than the maximum amount shown above. Also, this bond requires the War Memorial to reduce the impact to property tax payers by up to $3 million in revenues that may be raised by rental fees and other income. To the extent that these revenues are available for debt service, the impact on future taxes would be reduced.
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News and Analysis
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Full Text of Measure C |
Ordinance calling and providing for a special election to be held in the City and County of San Francisco on Tuesday, November 5, 2002, for the purpose of submitting to the voters of the City and County of San Francisco a proposition to incur the following bonded debt of the City and County: One Hundred Twenty-Two Million Seven Hundred Fifty-Five Thousand Dollars ($122,755,000) for the acquisition, rehabilitation, renovation, improvement, construction and/or reconstruction by the City and County of the San Francisco War Memorial Veterans Building, and all other works, property and structures necessary or convenient for the foregoing purposes; providing for the use of available annual revenues on deposit in the War Memorial Special Fund to reduce the property tax impact; finding that the estimated cost of such proposed project is and will be too great to be paid out of the ordinary annual income and revenue of the City and County and will require expenditures greater than the amount allowed therefor by the annual tax levy; reciting the estimated cost of such proposed project; fixing the date of election and the manner of holding such election and the procedure for voting for or against the proposition; fixing the maximum rate of interest on such bonds and providing for the levy and collection of taxes to pay both principal and interest thereof; prescribing notice to be given of such election; finding the proposed project is in conformity with the priority policies of Planning Code Section 101.1(b) and with the General Plan consistency requirement of Administrative Code Section 2A.53; consolidating the special election with the general election; establishing the election precincts, voting places and officers for the election; waiving the word limitation on ballot propositions imposed by San Francisco Municipal Elections Code Section 510; complying with Section 53410 of the California Government Code; and incorporating the provisions of Article V of Chapter V of the San Francisco Administrative Code.
Note: Board amendment additions are double underlined. Be it ordained by the People of the City and County of San Francisco: Section 1. A special election is hereby called and ordered to be held in the City and County of San Francisco (the "City") on Tuesday, the 5th day of November, 2002, for the purpose of submitting to the electors of the City a proposition to incur bonded indebtedness of the City for the project hereinafter described in the amount and for the purposes stated: "VETERANS BUILDING SEISMIC SAFETY BONDS, 2002. $122,755,000 for the acquisition, rehabilitation, renovation, improvement, construction and/or reconstruction of the San Francisco War Memorial Veterans Building, and all other works, property and structures necessary or convenient for the foregoing purposes."Section 3. The estimated cost of the project described in Section 1 hereof was fixed by the Board of Supervisors of the City (the "Board of Supervisors") by the following resolution and in the amount specified below: Resolution No. 423-02, $122,755,000. Such resolution was passed by two-thirds or more of the Board of Supervisors and approved by the Mayor of the City (the "Mayor"). In such resolution it was recited and found that the sum of money specified is too great to be paid out of the ordinary annual income and revenue of the City in addition to the other annual expenses thereof or other funds derived from taxes levied for those purposes and will require expenditures greater than the amount allowed therefor by the annual tax levy.Section 10. The Board of Supervisors having reviewed the proposed legislation, finds and declares (i) that the proposed project is in conformity with the priority policies of Section 101.1(b) of the City Planning Code and (ii) in accordance with Section 2A.53(f) of the City Administrative Code, that the proposed project is consistent with the City's General Plan, and hereby adopts the findings of the City Planning Department, as set forth in the General Plan Referral Report, dated May 28, 2002, and incorporates said findings by reference. Section 11. Pursuant to Section 53410 of the California Government Code, the bonds shall be for the specific purpose authorized herein and the proceeds of such bonds will be applied only to the project described herein. The City will comply with the requirements of Sections 53410(c) and 53410(d) of the California Government Code.Section 13. The appropriate officers, employees, representatives and agents of the City are hereby authorized and directed to do everything necessary or desirable to accomplish the calling and holding of the Bond Special Election, and to otherwise carry out the provisions of this ordinance. APPROVED AS TO FORM: DENNIS J. HERRERA, City Attorney By: THERESA ALVAREZ |