Also on Monday, the City Council will consider the release of lease revenue bonds, which will be used to fund three public safety facility projects: the rebuilding of Fire Stations 57 and 52, and a new Public Safety Center across the street from City Hall. The proposed bond financing is expected to yield $48.5 million in proceeds that will be available to all of the Essential Public Safety Facilities projects. The bonds are an obligation of the City’s General Fund, and will be paid back over a period of approximately 16 years from the identified portion of the City’s Measure E Transactions and Use Tax.
Click here to view the staff report.