SAN FRANCISCO - San Francisco Mayor Ed Lee signed a measure on July 28 to put a $500 million general obligation bond on the November ballot.
The bond, which was introduced by city leaders in May and approved by the city's Board of Supervisors earlier this month, will provide funding for improvements to the city's transportation network, including the San Francisco Municipal Railway.
Around $360 million of the proceeds would go toward transit projects and $140 million would go towards street safety.
"This November, with my support and the support of every member of the Board of Supervisors, San Francisco voters will have a historic opportunity to invest in the future of transportation in our city without raising property tax rates," Lee said in a statement. "If passed, this $500 million general obligation bond - the first transportation bond in decades - will improve Muni and make it easier to move around our city by bus, by car, by bicycle and on foot."
The bond is the first recommendation of the city's "Transportation 2030 Task Force," which was created by Lee last year in order to examine the city's transportation infrastructure needs and prepare for the future.
The task force found that to meet current need and future demand, the city requires a $10 billion investment in transportation infrastructure through 2030. The city has identified $3.7 billion in funding, leaving a $6.3 billion funding gap over the next 15 years.
The $500 million GO bond measure will require a two thirds majority vote by San Francisco voters on Nov. 4 to pass.