tv Government Access Programming SFGTV September 6, 2018 11:00am-12:01pm PDT
was a great achievement and a victory, i actually don't think it's enough. i think that we as a city should be planning for the aging community, and this is a community i think that is estimated to double in how many years, and we are ill-prepared, frankly, to meet the needs of our aging adults to allow them to live at home in place, and so i would love to actually, from the committee, to get sort of an assessment, helping us plan for this future population, and actually the needs and budget wise, how many money we should be actually allocating toward the future care of our aging adults here, so they can actually stay here in san francisco. so, and i would like to also make a motion to move this with a positive recommendation. >> supervisor cohen: i want to say these three ladies will
definitely get you what you want. they have identified more need than money that we have available at this particular time but i'm really excited we have the infrastructure in place to continue grow. this is a fund that will continue to grow in perpetuity, and you know, there's a lot of conversation around baseline commitments, and this body naturally has some hesitancy on baseline commitments, tying future boards' hands to commitments that we are making today and these are financial commitments i'm talking about. i cannot think of a better, stronger population that is not going to go anywhere but increasing, so, ladies, sounds like you'll have a champion on the board when i transition off, which is incredibly important. and sharene, compliments to you and your entire staff, you have been stellar as we navigated sometimes choppy water. and by the way, ladies, yoyo
says hello, yoyo chan sends greetings and congratulations to you. so, take a vote, take this motion that was made by supervisor fewer, we will accept it without -- >> madam chair since this is a hearing, release of reserve fund and file the hearing. >> supervisor cohen: that's right. approve the release of the reserve funds and file this hearing. thank you. congratulations. madam clerk, item 8. >> clerk: resolution approving the issues of up to 2.6 billion aggregate principal amount of san francisco international airport second series revenue refund j bonds for the purpose of refinancing bonds and subordinate bonds of the airport commission and related obligations. >> supervisor cohen: kathy
widener is back with us in the chamber and still representing the san francisco airport. kathy, good to see you. welcome back. so, we are going to be talking about airport revenue bonds. and this is an authorization for airport revenue bond up to $2. $2.62 billion. why don't you take it away. >> thank you so much, kathy widener with the san francisco international airport. item before you seeks your approval of, at the airport commission's issuance of $2.62 billion in refunding bonds as well as your approval for a form of continuing covenant agreements that will allow us to manage the airport current debt portfolio, $6.2 billion. approval will allow the airport to refinance outstanding airport bonds, restructure debt service,
and/or convert variable rate bonds to fixed rate bonds if necessary. since 2011, the airport has refunded over $1 billion in bonds resulting in $255.6 million in gross debt savings. while the airport commission has historically sold bonds through a public offering, the approval of the form of continuing covenant agreement would add an extra tool to the airport's ability to manage its debt portfolio. under certain circumstances, the use of the private placements could save time and expense, compared to traditionally publicly offered bond sales. as the budget analyst report points out, the use of private placement has been previously approved by the board for use as part of the seismic safety loan program general obligation bonds, as well as the transbay
transit center, and is used by the sfpuc. the budget analyst has reviewed and recommends approval of these actions and joined by the finance director, kevin cone, and rhonda tue. together we are able to answer specific questions you may have about the actions. >> supervisor cohen: appreciate that. i am going to reserve my questions and pivot to the budget legislative analyst to hear her thoughts. >> so, to follow up, airport has $6.2 billion in outstanding revenue bonds. so, could be used to refund outstanding debt. there are parameters in terms of debt saving that would have to be met before outstanding debt could be refunded.
table two on page 24 of the report gives summary of the estimated sources and uses of the bonds. this could vary a bit, only authorizing to move forward between the issuing bonds, the actual terms of the bonds would matter when the bonds, refunding bonds were issued. the other piece of the legislation is approving the form of the continuing covenant agreement, and we culled this out, it's basically allowing the airport for the first time, under certain conditions, to instead going to a public offering of the refunding bonds, to do a private placement with a bank. we did go back and talk to the office of public finance about prior approvals by this board in terms of using private placement rather than a public offering for bonds, and miss widener said some of the examples we put in
our report. because of that, we do recommend approval of the legislation. >> supervisor cohen: thank you. all right. she's made a recommendation to move this forward. is there any discussion? on your part? public comment. item 8. any member of the public? no public comment. i'll make a motion to approve and send to full board with a positive recommendation. take that without objection. thank you. moving on. item 9 and 10 together, please. >> 9, resolution approving as amended the issues and sales of residential mortgage bonds by the city, not to exceed 76 million for the purpose of providing financing for the construction of a 143 unit multi-family rental housing project located at 1990 folsom street. 10, intent of the city to reimburse certain expenditures
and authorizing the mayor's office of housing and committee development to submit application and related documents to permit not to exceed for 20000000 for capp street. >> supervisor ronen is the sponsor, but we have amy from housing to make the presentation. >> good morning. amy chan from the mayor's office of housing and community development. item 9 before you, 1990 folsom street. 100% affordable housing, 143 units serving households up to 60% of the area median income. with 25% of the units set aside for households that are relocated under the hope s.f. program. the project will include a mix of studios, 1, 2, 3, 4 bedroom
units, community room and garden space. tenant services space and childcare and p.d.r. space on the ground floor. this authorizes to execute up to $76 million in multi-family revenue to finance the project. item 10 before you, resolution for 1045 capp street, existing senior housing project that will choir and rehabilitate. no resident will be displaced as a result of the rehab. every right to return to their unit. and this resolution authorizes o.c.d. to execute up to $20 million in multi-family revenue note to finance the project. both resolutions are conduit financing and will not require
the city to pledge any of its funds for the repayment of the bonds. we ask the committee to forward the resolutions to the full board with positive recommendation, and i am joined by john lovelle l mission housing corporation in case you have questions about the project. >> supervisor cohen: i don't have any questions. supervisor fewer, any questions about the specifics? >> supervisor fewer: no, just this how can i get in this my neighborhood, thank you. >> supervisor cohen: i think we have done our homework on this, so no questions. i do want to open up for public comment, if there's any member that would like to comment on items 9 or 10. all right. seeing no public comment, i thought i saw fill out a public comment card. let's get your voice on the record, come on, two minutes. good to see you. >> madam chair, i'm a senior project manager for economic development agency here, 9, this
has been a project two years in the making. successful prop a projects that was presented to the board of supervisors a few years ago and so we are -- we are waiting with baited breath to undertake construction here, hopefully in february of next year, and with the resolution, able to make that dent in our vast gap for affordable housing and not just in the mission, but the city of san francisco. we thank you for your support. >> supervisor cohen: thank you very much for being here. no other members, close public comment. thank you. i'll make a motion to approve and send to the full board with a positive recommendation. and take that without objection. thank you very much. >> any other business before this body? >> clerk: no further business. >> supervisor cohen: thank you, we are adjourned.
>> thank you, commissioners. i am pleased to call up to the podium, our former p.u.c. general manager, pat martell. could you come up, please? it's like being home. room 400. it's a homecoming. pat was the g.m. from 2001 to 2004. and mayor willie brown appointed her in a second term as mayor to head up this utility. commissioner anne cane was a commissioner at that time. and michael carlin. where is michael? [laughter] and he was actually part of the
executive leadership team and then i joined in 2003. and, in fact, pat brought me over. pat really showed leadership. we were at a time when our water system was failing and in -- in november, 2002, the san francisco voters really placed their trust in the p.u.c. by passing and placing trust in the water and wastewater system. and she spent hours talking about the need of our infrastructure and really showed some leadership and people really felt and really trusted her when she was out there speaking on behalf of the p.u.c. and so prop a and e passed.
and that started the water system improvement program. one thing that i want to do is take pat around to look at the projects. if it wasn't for you, we wouldn't be able to do the $4.8 billion of infrastructure and we're also planning another $7 billion on the wastewater system. and we really couldn't do it without your leadership at the helm at the time. so we started the master plan for the sewer system improvement program. the other thing you did, you centralized our customer service operations at 1155 at the time. so that was something else that you really did. so, pat then moved courses, back to be city manager in 2005, which recently retired june 30. so i had an opportunity to go
and visit pat that day, where she threw a party and it was just remarkable the lives and people and careers that she touched. and it was just great having you at daly city. we've worked on amazing projects together. and you knew what it was about. there's a lot of memories that i can share, but i will share a lot of them offline. from the bottom of my heart, i appreciate your effort here in the city and in city government and in daly city. we have some tokens of appreciation. first, i would like to present you with a resolution, which pretty much says the stuff that i said before.
a variety of reasons. to this day, about 15 years later, almost 15 years later, the p.u.c. still holds a very, very special place in my heart and the time that i spent here meant a great deal to me. i consider the assignment here as general manager of the p.u.c. as one of the highlights of my career. and i talk about it often and i talk about the great work that was done prior to my getting here, during the time i was here, and subsequently. i want to acknowledge commissioner moran, because at the time i started as a former general manager of the p.u.c. he was an enormous mentor for me. he provided a lot of insight, a lot of background. and was great support for not
just me, but those who work on the campaign to have the bond passed. without his great insights, history, knowledge of the system, it would have been a much greater challenge, so i want to acknowledge the role that you played. and i've appreciated it very much. when then-mayor willie brown asked me to come to the p.u.c. as a general manager, he said to me, one of the reasons that he felt that i could make a difference here particularly in addressing the hetch hetchy system and the water program was the relationships that i had outside san francisco with the wholesale customers outside of the p.u.c. as colleagues of mine in local government, we work together on a number of activities, including water issues. and it was those relationships
and collaborations that i had had over come prior to coming to the p.u.c. that helped a lot, enormously, to move the work of the p.u.c. at that time forward. the formation of bawsca and the relationships among the bawsca members that was in place really needed the support of getting the work done, not just getting the water bonds passed, but the support of the agencies outside of san francisco to work collaboratively to see the day, which we've arrived at, where the project could be completed. it's those collaborations and collaborations that daly city had with the p.u.c. prior to my coming here that has continued on over the years. i'm very proud, not just for the time i spent here leading the p.u.c., because it was the work
of many, many individuals, many of whom are behind me, some who have retired already, but it was a lot of people that helped to support the work it needed to be done to move the system improvements forward, including our colleagues in bawsca and the support that elected officials outside of san francisco give given to move forward with completing the water supply improvement program. so i want to act knowledge all of those relationships. i'm very proud that daly city has worked with every single general manager since i left to continue good work in groundwater management and a variety of issues that are going to ensure the safety of our water supply for the bay area going forward. i was proud as city manager of daly city to work with the p.u.c. on an ongoing basis to continue the good work that we had done and to continue those collaborations. and i'm certain that the new director of water and wastewater
in daly city will continue to be a great collaborator with the general manager and his staff here at the p.u.c. it's been a great honor to serve the p.u.c. it's been a great honor to serve local governments throughout california. i've served five different agencies during my 38 years of local government service and i'm very happy now to be able to pass it on to the next generation who will continue the good work here at the p.u.c. under harlan's stellar leadership and i do have to take credit for bringing harlan over here and having the foresight that he was a rising star and that he would make huge contributions here as g.m. i'm glad he's risen to this level. i've watched his leadership and know that he has great work still in store. thank you very much for this kind recognition.
thank you for the opportunity and privilege to serve the residents of san francisco as well as our wholesale customers as general manager back in the day. and as resident of the city, i have been very proud to see the work that's going on and i look forward to the sewer system improvements that will be going forward as well. thank you so much. [applause] >> president kwon: thank you. terrific. next is item 8. >> clerk: any public comment? >> president kwon: okay. next is item 8, project pull program update. i would like to call up lisa miles.
you will introduce this? >> yes. commissioners, project pull is celebrating its 23rd consecutive years. it's a program that i started back in 1995. it's really a great concept that my friend and colleagued who passed away, robert mason, we talked about trying to involve some work experience for young folks and pair them up with city employees as mentors. and programs, like i said, started in 1995. i believe that we only had like four or five kids in it at that time. and then it grew to 30, went to 50, and now this year it's 166 kids during the summer that we place in the p.u.c. and other
city departments. over the years, we've had over 2,000 people participated in this program. and so with that, i wanted to bring up the director of project pull to give a little background and then you have some of the project pull students who will talk about their experiences in project pull. lisa? >> i just want to say thank you so much. we're excited to be here. we want to share a little bit of our practical journey and how the program has evolved. in 1996, we had five interns. 2009, we had 40 interns. 2013, we hit a milestone -- 113 interns across city agency. this past summer, we had 166
interns across 20 city agencies as well as 300 city employees. so for us, that's a huge success. in addition, our -- the program covers a variety, animal care control, sfpd and treasure island, just to name a few of city departments that have participated with the program. in addition to the new departments, we were able to create an expansion program, which we're super proud of. in 2014, we had project pull plus. this was geared for former interns from the bayview/hunter point area, entry into second year of college and they were placed. our second expansion program was in 2015. it was project pull mentor assistance program. it's an extension program for
college interns who were placed with city agencies within their career field. not only did they get to learn about their career interests, they also had a chance to gain leadership skills by mentoring and assisting high school students that were placed within the city departments. in 2017, our third expansion, we had our very first-ever project pull program at moccasin. so we were very excited about that. this year we have three interns, two high school and one college. this year we launched our project pull promise. i'm super proud of this program. this program we provided three incarcerated youth internship opportunities. the purpose of this program was to provide a promise that we give them a skill set, the knowledge that's necessary for them to better themselves out in
the workplace. and how we did that, we had curriculum set up for them. we had mockin -- mo mock interviews, resume writing. this is first of is kind. i want to say thank you for trusting and believing in my team with what we love so much and want to share that with the young folks that are incarcerated. we believe in trusting them, too. we hope to continue the relationship with them down the road. i want to thank harlan for leaving in me and letting me run the program the way i see fit. here i have two wonderful project pull alum to speak on their experience with project pull. >> president kwon: before you cede your podium, looking at the energy amongst your graduates
and the continued mentorship, it does a lot for your mentors within various departments to foster that level of talent. my compliments to you. it's terrific. >> i have shayla richardson and carlos ramos. sha'nice patterson could not be here. she had a family emergency. >> good afternoon. i'm shayla richardson, i'm at u.c. irvine. i completed my seventh summer with project pull. i've had the privilege of working with many city departments. starting in summer, 2012, i worked at the human rights commission, which was my first job. then i worked for public works, followed by the police department in 2014. from the summer of 2015 to the summer of 2017, i worked at the port of san francisco. and finally, this past summer i had the amazing opportunity to work with the san francisco
>> good afternoon. i would like to thank all of you for providing me the opportunity to speak upon my experience with project pole. my first summer was in 2014 as a college team leader. it was my very first job and as a first-generation college students, it was truly an eye-opening experience. it was through project pull that i was able to envision the future that i wanted for myself and for my family. i remember walking into 525 golden gate avenue with my heart racing cabin everest to be in a professional office setting for the first time. all of my worries were put at ease when i was greeted with a welcoming hug. given that project pull was my very first job, there were many mistakes that i made, but thanks to lisa's love and patience, i learned from them. i have the opportunity to work with lisa and continue with project pull as a project coordinator and is a city employee to help give others a same opportunities and second
chances that were given to me. this past year, as proctors program coordinator, i have witnessed a tremendous amount of work and passion that it takes to run a successful program like project pull. none of which would be possible without our fearless director and leader, ms. miss lisa, never likes to take credit for her hard work. hence why we are up here today. project pull is more than an intership. it is a family. nunavut would be made possible without the support of the commission, vision, on the hard work, passion and dedication of our dearest lisa. i would now like to invite her to the podium to conclude our presentation. >> thank you. in conclusion, we would like to share a 62nd video that demonstrates the impact that project pull has made.
>> hi lisa. in celebration of project pull, we wanted to show you how much we love and appreciate you. >> sheet she is amazing, first of all. she just has a wealth of experience. >> my thoughts about lisa is how passionate she is for all the work that she does. >> lisa is definitely mom material. >> she has an extraordinary woman. she cares and that is what makes it so special. >> she has been changing for my life -- changing my life. >> lisa, thank you for giving everyone a second opportunity and for your love and dedication to the program and to all of us. >> here is to another year. >> thank you lisa. >> thank you lisa. >> i love you, lisa. >> thank you lisa. >> thank you lisa. >> thank you. >> thank you lisa.
>> thank you lisa. >> thank you! [applause] >> thank you, very much. that was terrific. i would like to invite any public comment on project pull. anyone? >> to you, lisa, there is nothing that is more rewarding than showing people the way and teaching people how to fish instead instead of just giving fish. every day i am learning more here. i know that our general manager understands that. i also understand that what is missing, most of the time from these kinds of efforts is people like you. that's what's missing. i want to thank you personally for being there for those in this. >> thank you.
>> thank you very much. any other public comment? also, i want to applaud your work with juvenile hall. i speak with some experience, but when you are youth in trouble, trusting yourself is the biggest thing. your providing opportunities and it is very important. thank you,, very much. we are now moving on to item nine which is report of the general manager and we will have public comment after each item. it is all yours. >> the first item is an update from clean power of. >> can i interrupt you very quick? we have people standing here. can i ask the people who are seated, and can you move to the middle so people can get a seat? if is the empty spaces -- empty spaces between new fill until the middle. thank you. i appreciate it. >> thank you.
>> good afternoon kat commissioners. i'm the assistant general manager for power. today's clean power s.f. update will cover service to customers and regulatory activities. our service currently has -- well, sorry. our service and current enrolment effort continues to move are long since exit successfully. we enrolled a large number of customers both commercial and residential into the program in the month of july. approximately 27,000 in total. as a result, the program -- program is actively surveying 108,000 accounts with a -- with a cumulative opt out percentage of three%. and 97% retention rate. as part of the july enrolment
process, we have completed mailing all of the required enrolment notifications before notifications are required by statute. customers brought into the program in july have started to receive their first bills with clean power s.f. charges on them our super green upgrade rate continues to exceed our opt out rate at 3.4% of our customers. that means about 36 -- 3650 businesses and households in san francisco have elected to receive 100% renewable electricity from clean power s.f. that is 250 more super green participants than the last time we reported to you on this in july. as for regulatory activities, commissioners, you know that clean power s.f. generation rates are set to absorb the impact our customers received of search and pg nde and e. charges these charges, change annually
through a process at the california p.u.c. they also have a role making where they are reconsidering the general methodology for how those charges are set. we have been very active in that proceeding. the california p.u.c. has issued two proposed decisions in that role making. the first proposed decision was issued by the judge and that came out on august 1st. the second proposed decision is called an alternate. it was issued by the commissioner assigned to the proceeding on august 14th. broadly speaking, the judge post is ' proposal is much better. it encourages the investor owned utilities like p.g. & e to prudently manage their supply portfolios to minimize the cost. it creates a more stable and predictable charge for the customer. that predictability helps all customers. it allows programs like ours to
continue to invest long-term and renewable resources and in developing the innovative, local programs that clean power s.f. is all about. we -- the alternate proposed decision, unfortunately, does the opposite. it creates risks risks for c.c.a. programs that compromise clean power s.f.'s sustainability and our greenhouse gas reduction goals. it. it undermines the local progress all c.c.a. programs are making these advances and providing cleaner air -- cleaner -- the alternate proposal could significantly impact the c.c.a. 's ability to deliver clean energy products at a lower or equal cost to taking generational service. we worked with c.c.a. to provide comment on the judge proposed decision on august 21st. we are currently working with the c.c.a. trade association on
comments and response to the alternate decision. those comments are due next week on september 4th. on september 7th, the california p.u.c. is convening an all party meeting to discuss both of those proposed decisions reply comments on both of those are due on september 7th. lots of activity leading up to their ability at the california p.u.c. to vote. the earliest the california p.u.c. could vote on a decision is september 13th. of course, we don't know whether they will on that date, but that will be the earliest date that they could. we are actively engaged in achieving our preferred outcome, adoption of the alj proposed decision. without, i am happy to take any questions that you may have. >> president kwon: anything? >> thank you. >> president kwon: thank you. is there any public comment on this item? ok. an exciting time, please. >> clerk: the next item is a strategic plan update, a.g.m.
ellis. >> good afternoon. julia ellis, assistant assistant general manager for external affairs. the last time we presented to you on the 2020 strategic plan, the commission approved and adopted high-level global -- goals and objectives. work has gone into the planning phase where the executive team reassessed the values of the organization and developed the goals and objectives for senior staff. as we move into implementation we focused on stocking the plan -- staffing the plan. we have been building the systems and infrastructure, not the hard concrete infrastructure , but internal infrastructure needed to implement the plan, and we are back today to share with you an update on those activities. with that, i will turn it over to grace k. who has been spearheading and corralling the entire organization with a bunch of partners here in the room today around implementation of
the strategic plan. >> thank you, julia. good afternoon, commissioners. i am excited to be here today to share the work that staff has performed over the past year. as we shift into planning and implementation, we need to translate the plan and to identify bile -- identifiable actions and involves more staff throughout the organization. to do so, we focused on the following activities. developing the performance measures, prioritizing and implementing a sick dose action plans. to implement these activities, we performed -- reformed a project team. one person per area. and we set the strategy for achieving each goal area. this group was chosen by the executive team for having some level of content expertise in their respective goal area and their ability to work cross functionally across the organization.
i am joined by various groups in the audience and want to take a quick role in organized -- in recognizing them. we began by developing the performance measures as a way to gauge our progress towards meeting our goals. these measures will allow the bench markers to collect baseline data and set meaningful targets. our aim is to use a collected data to help the agencies and setting future priorities and actions so that we can make data-driven decisions. and to make continuous improvements over time. in developing the performance measures, our goal is to define a selective number of relevant metrics that were digestible for a variety of audiences. drew from a range of sources by referencing existing controller metrics, strategic sustainability plans and enterprise level of service goals and industry standards. to determine which performance measures went to the exercise of
identifying the important elements as a goal level, by examining each goal statement for key words and concepts. and the full table of performance measures that we have included intraday process commission package, you can see these measures categorically. using the environmental stewardship goal statement as an example, the key concepts that were identified were around how we sustainably manage resources, and by mental health and community health. we began their performance measure development process in the fall, and by the spring, had several rounds of workshops to bet those measures against data availability and further refining them. in june, we presented to the citizen advisory committee for their feedback and input. we review stuff -- review the finalized measures early this month and staff is now currently working on putting a data collection process into place. while we don't have time today to review the full complete list of performance measures, i did want to highlight a few examples
to become more efficient in managing our cost and staffing these things over time, we are talking a% of overtime as a% of base salary. and as a part of the effort, we have reinstituted a biweekly report that goes to the executive team of the top users. we have also included measures with long-term goals such as the number of gallons of storm water removed from the combined sewer system, in order to reach the future goal of a billion gallons by 2050 and reaching a target of hundred 60 million gallons by 2020. with other measures, before we can even set a target, there is foundational elements that are happening in order to collect data. for example,, tracking probationary performance management. once a framework is developed by h.r. and implemented, we will be able to establish a baseline after the first year of use and set a target for the following year. along with the performance measures, we identified a handful of initiatives we could work on through the year and
lift up the other strategic plan some accomplishments were developing and implementing an emergency exit response training and exercise through the agency. updating the i.t. plan and piloting for different occupational models within h.r. and the promotion of our one door s.f. initiative. with any major effort, communication is key. one of our objectives is to improve communication with our internal stakeholder, the employee appeared to help strengthen our identity as an organization. we've indicated -- put in internal communications in a variety of ways such as featuring the mission vision value and the arts wall. posting them in each of our facilities. we also base selection criteria for their golden pride recognition program on each of the goals. instant recognition cards, and in the relaunch of the employee engagement survey, managed by h.r., we surveyed stop on the
goals and values in order to establish a baseline for staff awareness, as we continue to work to improve the organization 's understanding of the mission billion values and strategic plan goals. finally, we are working to make sure we are aligned with the city's strategic planning effort shortly after we embarked on the strategic planning process, the mayor asked that all department heads creates 3-5 years of strategic plans. on the strategy and performance website, you can see how all the departments and their plans including the p.u.c., aligned to a set of citywide vision statements. we also record out each year to the controller's office on a set of performance measures which are then incorporated into the mayor's budget book. moving forward, starting this fiscal year, the plan is to replace those measures with the ones developed for the 2020 plan as for it it next steps, we are currently working on
establishing a data collection process for the performance measures so that we can begin collecting some of that baseline data for record reporting back to controller's office in the spring. this fall, will be holding a series of workshops to identify action items for this next fiscal year. i just went want to do and with acknowledging our consultants and staff for their work, strategic planning is a challenging exercise for any organization, especially when the p.u.c., with many day-to-day operations and emergency priorities that may come up throughout the year that make it difficult to prioritize. this will really be an iterative process. our goal is to build upon this work through 2020 and beyond so we can continue to strive to become a learning organization. with that, thank you for your time and that concludes my update. we are happy to answer any questions you may have. >> president kwon: can they stand up so we can see who they are? don't be shy. [applause]
>> president kwon: i just want to point out, those people are responsible for moving the organization. >> it is truly a team effort. [laughter] >> president kwon: just joking is there any public comment on this item? we will try and keep to five minutes. speakers, you see the clock on your screen. please help us out and stick to five. thank you. >> good afternoon. and the manager of the s.f. p.u.c. i'm here to provide you with a brief presentation on the results of two data transactions
are executed, both benefiting the wastewater enterprise. the transactions are the wastewater revenue bond and the loan transaction. sorry. thanks. so on this slide, i will talk about the 2018 at wastewater revenue bond sale which the commission authorized on july 10 th. on july 18th, a week later, we price through 594 million of the series abc bonds. the average borrowing term or maturity of the bonds is almost 20 years, and the come mind cost is 3.44%. proceeds of the bonds will be used to fund portions of the wastewater capital program, including ss ip and nonss ip
projects. two of the series of bonds is series a and series iii were designated and sold as green bonds which, as you know, it is -- we are an issuer of and we are a leader in this area of municipal findings. as you may recall from when he presented this item to you, with this sale, they have issued a terse long-term variable rate that the series a seat bonds, which are issued as a five-year put bonds. with this slide, i want to talk about the marketing effort that went into selling the bonds on the environment for the pricing. prior to the sale, we did direct outreach with respective institutional investors, including making targeted investor presentations in boston and new york, as well as one on one investor calls. posted an online internet presentation which is well viewed by investors in advance of the sale. the market environment was stable at the time of pricing.
we had very strong demand for all of the bonds. they were almost four times oversubscribed with investor orders and the series c. put bonds were three times oversubscribed. we also had new investors for the two green bond series which enhanced demand. with this healthy demand, we were able to lower rates on all three series resulting in a final price of 3.4. i also would add that interest rates are still at a historically low level so we continue to benefit from selling bonds during the extended low rate. finally, we realized the debt service savings from the bonds of verses conventional fixed rate bonds. i am pleased to report that the sale of the 2018 bonds was a big success, providing attractive long-term financing for the wastewater enterprise. turning to the federal loan, which a commission authorized in july 24th, we close a 699 million-dollar loan a few days later on on july 27th at the washington d.c. offices. the loan will provide funding
for 49% of the wastewater enterprises biosolids project which is the largest project. the interest rate on the loan is 3.09%. it is an attractive rate. of the 12 loan selected, our loan was the fourth loan with the -- that the e.p.a. closed and it will be the largest loan. in conclusion, between the bonds and the loan, we are able to secure, over the course of a couple of weeks, $1.3 billion of what i believe is attractive long-term financing that will fund a significant portion of the wastewater enterprises capital program, particularly particularly the ssi -- ss ip. i am here to take any questions. >> thank you, very much. is there any public comment on this item? next item, please. >> clerk: the quarterly audit and performance review. nancy hong.