The San Francisco Municipal Transportation Agency raised $63.8 million last week from the sale of revenue bonds during its first foray ever into the municipal bond market.
The bond proceeds will be used to improve infrastructure and parking garages, as well as refinance debt.
The SFMTA expects to be back in the market next year to pay for more capital improvements.
Standard & Poor’s rated the agency’s bonds A and Moody’s Investors Service gave them a Aa3.
“The confidence shown by the market in the SFMTA provides an excellent opportunity for us to invest in the future of transportation in San Francisco,” Edward Reiskin, the agency’s director of transportation, said in a statement.
Voters gave the SFMTA the authority to issue bonds in 2007.
The agency has been associated with several outstanding series of bonds issued through other San Francisco departments, including the city’s parking authority and nonprofit corporations.