In a significant financial move, the City of San Francisco successfully closed a new General Obligation (GO) bond transaction in January, raising approximately $552 million across four key bond programs. This transaction included the 2018 seawall bonds, the 2020 Easter bonds, and the 2019 and 2024 affordable housing bond programs.

The city strategically divided the bond sale into three bid groups due to the size and varying structures of the bonds, which included both tax-exempt shorter and longer-dated maturities. This approach proved effective, attracting a competitive response with 9, 8, and 9 bids from underwriters, resulting in a combined interest cost of 4.59%. City officials expressed satisfaction with the outcome, noting that the proceeds will support ongoing projects over the next couple of years.

Looking ahead, the city plans to issue up to $40 million for the affordable housing program, repurposing funds from the 1992 seismic safety loan program. This sale is expected to be priced in early March, with a closing anticipated later that month. Additionally, city officials are initiating discussions for a future bond issuance related to the recently passed Prop B bonds, aimed at enhancing public health and safety in San Francisco. Meetings with various departments are underway to assess their funding needs, indicating a proactive approach to addressing the city's financial and infrastructural requirements.