{"id":95202,"date":"2025-12-15T12:41:07","date_gmt":"2025-12-15T12:41:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/95202\/"},"modified":"2025-12-15T12:41:07","modified_gmt":"2025-12-15T12:41:07","slug":"chevron-reports-progress-in-flaring-emissions-at-community-town-hall","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/95202\/","title":{"rendered":"Chevron Reports Progress in Flaring, Emissions at Community Town Hall |"},"content":{"rendered":"

By Post Staff\n<\/p>\n

The City of Oakland announced this week that it is successfully moving forward on the sale of $334 million of General Obligation bonds, a milestone that will provide the city with capital funding for city departments to deliver paved roads, restored public facilities, and investments in affordable housing.<\/p>\n

\u201cOakland is on the move and building momentum with this bond sale,\u201d said Oakland Mayor Barbara Lee. \u201cWe are reviving access to funding for paving our streets, restoring public facilities we all use and depend upon, and investing in affordable housing for our community, all while maintaining transparency and fiscal discipline.\u201d\n<\/p>\n

\u201cThese bonds represent our city\u2019s continued commitment to sound financial management and responsible investment in Oakland\u2019s future,\u201d said Lee.\n<\/p>\n

\u201cTogether, we are strengthening our foundation for generations to come,\u201d she said. \u201cI\u2019m grateful to our partners in the City Council for their leadership and support, and to City Administrator Jestin Johnson for driving this process and ensuring we brought it home.\u201d\n<\/p>\n

According to the city, $285 million of the bonds will support new projects and $49 million of the bonds will refund existing bonds for debt service savings.\n<\/p>\n

Oakland issued the Measure U bonds on Dec. 4 after two years of delays over concerns about the city\u2019s financial outlook. They all sold in less than a week. <\/p>\n

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The new money bonds will pay for affordable housing, roadway safety and infrastructure improvements, and renovations to parks, libraries, senior centers, and other public facilities under the city\u2019s Measure U Authorization.\n<\/p>\n

Citywide paving and streetscape projects will create safer streets for Oaklanders. Additionally, critical facilities like the East Oakland Senior Center and San Antonio Park will receive much-needed renovations, according to the city.\n<\/p>\n

Some of the projects:\n<\/p>\n

$50.5 million \u2013 Citywide Street Resurfacing
\n$13 million \u2013 Complete Streets Capital Program
\n$9.5 million \u2013 Curb Ramps Program
\n$30 million \u2013 Acquisition & Preservation of Existing Affordable Housing
\n$33 million \u2013 District 3: Mandela Transit-Oriented Development
\n$28 million \u2013 District 6: Liberation Park Development
\n$3 million \u2013 District 5: Brookdale Recreation Center Capital Project
\n$1.5 million \u2013 District 1: Oakland Tool Lending Library (Temescal Branch Library)
\n$10 million \u2013 District 3: Oakland Ice Center<\/p>\n

\u201cI recognize that many naysayers said we couldn\u2019t do it,\u201d said Johnson. \u201cWell, you know what? We\u2019re here now. And we\u2019re going to be here next year and the year after. The fact is we\u2019re getting our fiscal house in order. We said we were going to do it \u2014 and we\u2019re doing it.\u201d\n<\/p>\n

Investors placed $638 million in orders for the $334 million of bonds offered by the City. There was broad investor demand with 26 separate investment firms placing orders.\u00a0 The oversubscription ultimately allowed the city to lower the final interest rates offered to investors and reduce the city\u2019s borrowing cost.\n<\/p>\n

\u201cThe oversubscription ultimately allowed the City to lower the final interest rates offered to investors and reduce the City\u2019s borrowing cost,\u201d said Sean Maher, the city\u2019s communications director.\n<\/p>\n

\u201cThe Oakland City Council worked closely with the administration to both advance the bond issuance process and ensure that the community had a clear understanding of the City\u2019s timeline and approach,\u201d said Councilmember at-Large Rowena Brown.\n<\/p>\n

\u201cIn September, the City Council took unanimous action to authorize the Administration to move forward with the bond sale because these funds are essential to delivering the very improvements our communities have long asked for \u2013 safer streets, restored public facilities, and expanded affordable housing,\u201d she said.\n<\/p>\n

Continuing, Brown said, \u201cI want to extend my sincere thanks to City Administrator Jestin Johnson, Finance Director Bradley Johnson, and Mayor Barbara Lee for their leadership, diligence, and steady guidance throughout the City\u2019s bond sale efforts.\n<\/p>\n

\u201cNavigating complex market conditions while keeping Oakland\u2019s long-term infrastructure needs front and center is no small task, and this moment reflects tremendous professionalism and persistence,\u201d she said.\n<\/p>\n

Moody\u2019s gave the city an AA2 rating on the bonds, its third-highest rating, which it gives to high-quality investment-grade securities.\n<\/p>\n

There was both a tax-exempt portion and a taxable portion for the bond offering, reflecting the various uses of the bond proceeds, according to a statement released by the city.\n<\/p>\n

The $143.5 million of tax-exempt bonds have a 30-year final maturity and received an all-in borrowing cost of 3.99%.\u00a0 The $191 million of taxable bonds have a 24-year final maturity and received an all-in borrowing cost of 5.55%.\n<\/p>\n

The $49 million in tax-exempt bonds that refinance existing obligations of the City resulted in $5.6 million of debt service savings for taxpayers through 2039, or $4.7 million on a present value basis.\n<\/p>\n

Mayor Lee said that, based on her experience serving on the House Financial Services Committee of the U.S. Congress for more than 10 years, city staff has done an exemplary job.\n<\/p>\n

\u201cI have witnessed many cities go to the bond market throughout the years,\u201d she said. \u201cI can tell you with certainty that Oakland\u2019s team is remarkable, and our residents should be proud of their reputation, their competence, and their deep knowledge of this very sophisticated market.\u201d\n<\/p>\n

Looking ahead to the final sale of the bonds, according to the city press statement, pricing marks the point at which the City and investors locked in the final dollar amounts, interest rates, and other key terms of the bond sale. This stage is commonly referred to as the sale date. At pricing, no funds are exchanged. The actual delivery of bonds and receipt of monies occurs at closing, which is scheduled within the next two weeks.\n<\/p>\n

Capital projects receiving this funding will proceed on individual timelines based on their individual conditions and needs. At the time of closing, funding will be immediately available to those projects.\n<\/p>\n

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