LOS ANGELES — San Francisco is proposing a $1.5 billion transportation package, which includes $500 million of general obligation bonds, to go on the city's November 2014 ballot.
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Transportation 2030 follows the recommendations by the 2030 Transportation Task Force formed by Mayor Ed Lee in January 2013.
"Together, the measures will nearly double funding levels for fixing the city's existing transportation system to support current demand and develop plans for future expansions," city officials said in the proposal.
The $500 million of GO bonds would address repairs and upgrades to the city's transportation infrastructure. Specifically, around $360 million would go toward transit projects and $140 million would go toward street safety, according to a draft of the proposal.
"Voter-approved GO bonds like those in Transportation 2030 are only proposed as the city retires existing debt and the city's property tax base grows," the proposal said. "Last year, bonds were repaid and the city's property tax base grew, creating an opportunity to issue the Transportation 2030 GO bond measure without any increase to property tax rates."
The rest of the funding would come through a local increase to 2% from 0.65% of California's vehicle license fee, the proceeds of which would go to the San Francisco general fund, and an annual set-aside for transportation projects from the city's general fund, established by a city and county of San Francisco Charter Amendment.
The $1 billion from the general fund would be allocated over a projected 15 years.
The package would need to be passed by the Board of Supervisors this summer before it can appear on the November ballot.
Once on the ballot, the GO bond would need a two thirds majority vote. The other funding portions require a simple majority general election vote.
