§ 43.14

This Article XIV shall be known as the Public Utilities Commission Power Enterprise Revenue Bond Law.

(Added by Ord. 40-15, File No. 150078, App. 4/2/2015, Eff. 5/2/2015)

For purposes of this Article XIV, the following terms shall have the meanings below:

"Board" shall mean the duly elected and acting Board of Supervisors of the City.

"Bonds" shall mean the PUC 's power revenue bonds issued pursuant to and under authority granted by this Article.

"Charter" shall mean the Charter of the City, as the same shall be amended from time to time.

"City" shall mean the City and County of San Francisco.

"Commission" shall mean the governing body of the PUC as established by the Charter.

"General Manager" shall mean the General Manager of the PUC, or any successor to that office, or the General Manager's designee.

"Power Enterprise" shall mean the PUC 's electric utility system which provides electric power and related services to the City and its departments, agencies, and commissions as well as others, including that portion of the Hetch Hetchy Water and Power Project allocable to power generation, all other power generation, transmission and distribution facilities and related facilities, property and rights constituting a part of such electric utility system, and any and all additions, improvements, betterments, renewals, replacements, and repairs thereto and extensions thereof, but shall not include: (a) the PUC's Water Enterprise; (b) the PUC's Wastewater Enterprise; or (c) any other separate utility system of the PUC.

"Power Enterprise Revenues" shall mean all revenues, rates, and charges received and accrued by the PUC tor electric power and energy and other services, facilities and commodities sold, furnished or supplied by the Power Enterprise. Power Enterprise Revenues shall not include revenues of the PUC 's Water Enterprise, Wastewater Enterprise, or any other separate utility system of the PUC.

"PUC" shall mean the Public Utilities Commission of the City and County of San Francisco.

"State" shall mean the State of California.

"Trust Indenture" shall mean each bond resolution or trust indenture under and pursuant to which the Commission issues Bonds, as supplemented and amended from time to time.

(Added by Ord. 40-15, File No. 150078, App. 4/2/2015, Eff. 5/2/2015)

The authority provided by this Article XIV is in addition to, and not limited by, the authority provided by any other ordinance or law, and is separate and complete authority tor the actions authorized in this Article.

(Added by Ord. 40-15, File No. 150078, App. 4/2/2015, Eff. 5/2/2015)

(a) Subject to the approval of the Board, the PUC is authorized to issue Bonds for any purposes of the Power Enterprise, including, without limitation, financing or refinancing capital additions, improvements, repairs, and replacements to the Power Enterprise. Such Bonds shall be payable from and secured by Power Enterprise Revenues and shall be subject to such terms, conditions, covenants, and agreements as the Commission may authorize hr resolution.

(b) Bonds may bear a rate or rates of interest, which may be fixed or variable, but not to exceed the maximum legal rate of interest, as the Commission may authorize by resolution.

(c) Bonds may be sold at either competitive or negotiated sale in such manner as the Commission may determine.

(d) In connection with the issuance of any Bonds, the Commission may enter into credit enhancement or liquidity agreements with such terms, conditions, covenants, and agreements as the Commission may authorize by resolution.

(e) In connection with the issuance of any Bonds, the Commission may designate and enter into agreements with such trustees, remarketing agents, placement agents, and other service providers as the Commission may determine.

(Added by Ord. 40-15, File No. 150078, App. 4/2/2015, Eff. 5/2/2015)

(a) Bonds shall be special limited obligations of the PUC, payable from and secured by Power Enterprise Revenues or any portion thereof and such other funds and accounts of the Power Enterprise as specified in the Trust Indenture. Bonds shall not in any manner, or to any extent, constitute general obligations of the PUC or the City, or of the State or any political subdivision of the State. Bonds shall not be a charge upon the general fund or upon any moneys or other property of the PUC or the City, or of the State or any political subdivision of the State, other than the Power Enterprise Revenues. Neither the full faith and credit nor the taxing power of the City, or of the State or any political subdivision of the State, shall be pledged to the payment of Bonds. Bonds shall not constitute indebtedness of the City within the meaning of any State constitutional or statutory provisions or limitations or under the Charter. No holder of a Bond shall have the right to compel the exercise of the taxing power of the City, the State, or any political subdivision of the State to pay the Bonds or the interest thereon.

(b) Nothing in this Article XIV shall prevent the City at the request of the Commission from issuing or incurring general obligation bonds, notes, lease or installment sale obligations or certificates of participation therein, or other evidences of indebtedness for any purposes related to the Power Enterprise, including, without limitation, financing or refinancing capital additions, improvements, repairs, and replacements to the Power Enterprise.

(Added by Ord. 40-15, File No. 150078, App. 4/2/2015, Eff. 5/2/2015)

The Commission may by resolution authorize the issuance of Bonds to refund any outstanding Bonds, without the need for additional Board approval, provided that (a) such refunding is expected to result in net debt service savings to the City on a present value basis of at least 3% calculated as provided in Article VI of this Chapter 43, and (b) such refunding Bonds are issued pursuant to an existing Trust Indenture. The General Manager shall provide a certification to the Commission regarding such expected net debt service savings on or prior to the issuance of such Bonds.

(Added by Ord. 40-15, File No. 150078, App. 4/2/2015, Eff. 5/2/2015)

In accordance with Charter Section 8B.125, the City, including, without limitation, the Commission, shall fix, establish, maintain, approve, and collect rates and charges for electric power and energy and other services, facilities, and commodities sold, furnished or supplied through the facilities of the Power Enterprise, including on, for, and from the City and its departments, agencies and commissions, to provide the Power Enterprise Revenues sufficient (a) to pay all costs and expenses of the Power Enterprise, including, without limitation, debt service on Bonds, (b) to provide appropriate reserves therefor, and (c) to satisfy the debt service coverage and other requirements under the applicable Trust Indenture.

(Added by Ord. 40-15, File No. 150078, App. 4/2/2015, Eff. 5/2/2015)

(a) Any action by the Commission or the City to determine, or any action by an interested person challenging the validity of any Bonds shall be brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the California Code of Civil Procedure, as supplemented and amended.

(b) For the purposes of Section 860 of the Code of Civil Procedure, any action initiated pursuant to this Section 43.14.8 shall be brought in the Superior Court of the City and County of San Francisco.

(Added by Ord. 40-15, File No. 150078, App. 4/2/2015, Eff. 5/2/2015)

The Mayor, the City Attorney, the Controller of the City, the Treasurer of the City, the City Administrator, the Clerk of the Board, and other officers of the City and their duly authorized deputies, agents, and designees are hereby authorized and directed, jointly and severally, to take such actions and to execute and deliver such certificates, agreements, requests or other documents, as they may deem necessary or desirable to facilitate the purposes of this Article.

(Added by Ord. 40-15, File No. 150078, App. 4/2/2015, Eff. 5/2/2015)