Harbor District regular meeting 8/15/12, 7pm, in South San Francisco:
Item #7: Adopt Resolution 17-12 regarding Board’s intention to issue revenue bonds to finance Pillar Point Harbor Projects (Perched Beach bulkhead/ fill/ parking lot, and multi-use building at Parking Lot B, including design, permitting, construction) estimated $25 million. Resolution allows Harbor District to reimburse itself from bond funds for any project expenditures made before the bonds are sold, as far back as 60 days before the Resolution is adopted.
This step was not mentioned at the Harbor District 3/7/12 Annual Strategic Planning, Finance and Priorities Workshop, where the only time debt was mentioned was to report that District debt was projected to be retired by 2019. The District reported a large available cash balance, surplus El Granada property to sell, and an average of $3 million per year over the next 5 years budgeted for capital projects.
Harbor District 2012 priority for Perched Beach at Pillar Point Harbor:
bulkhead, 15 ft of fill, pave/develop