Certification

The Climate Bonds Standard and Certification Scheme is a labelling scheme for bonds, loans & other debt instruments. Rigorous scientific criteria ensure that it is consistent with the goals of the Paris Climate Agreement to limit warming to under 2 degrees. The Scheme is used globally by bond issuers, governments, investors and the financial markets to prioritise investments which genuinely contribute to addressing climate change.

 

San Francisco Bay Area Transit

 

 

The BART System is an electrically powered rapid transit commuter rail system serving the residents of the San Francisco Bay Area.  The BART System is currently comprised of 104 miles of double track (including some areas of multiple tracks) and 46 stations. BART is powered by an electric third rail at 1,000 volts DC. It is the fifth busiest transit network in US.

Bonds which fund improvements and operations to the BART System are eligible under the Climate Bonds Standard Low Carbon Transport Criteria because it is a fully electrified and high capacity urban transit network.

For the first bond in June 2017

2017 General Obligation Bonds Series A will fund the following improvements to BART facilities:

The acquisition or improvement of real property to keep BART safe; prevent accidents/breakdowns/delays; relieve overcrowding; reduce traffic congestion/pollution; and improve earthquake safety and access for seniors/disabled by replacing and upgrading 90 miles of severely worn tracks; tunnels damaged by water intrusion; 44-year-old train control systems; and other deteriorating infrastructure. 

2017 Refunding Bonds Series E will refinance existing General Obligation Bonds, which were previously issued to fund earthquake safety improvements to BART facilities. This included strengthening tunnels, bridges, overhead tracks and the underwater Transbay Tube.

 

For the second bond in December 2017

The proceeds will refund the District's outstanding Series 2010 Sales Tax Revenue Bonds Refunding in full and refund portions of the Series 2012 A & B Sales Tax Revenue Bonds ("the Prior Bonds"). The Series 2017 Bonds are special obligations of the District, payable from and secured by a pledge of Sales Tax Revenues derived from a transaction and use tax levied by the District in Alameda and Contra Costa Counties and the City and County of San Francisco.

The proceeds of the Prior Bonds were applied for a variety of purposes including acquisition of hundreds of electric rail transit vehicles and passenger cars, automated train control equipment, energy conservation measures, system communication facilities, station and track improvement, commuter parking projects and street improvements, right-of-way agreements, and rehabilitation/enhancements to trains and train performance systems, and construction of the Oakland Airport Connector line. All proceeds of the Prior Bonds were issued to support the operations and maintenance of a 100% electric power, sustainable mass transportation system.

 

From bart.gov website

 

EMMA Page for BART General Obligation Bonds

EMMA page for BART Sales Tax Revenue Bonds

 

 DATE OF ISSUE NAME TYPE OF INSTRUMENT SIZE COUNTRY OF ISSUE

 CLIMATE BONDS SECTOR CRITERIA 

VERIFIER'S REPORT  ANNUAL REPORT  FURTHER INFORMATION
 June 2017

General Obligation Bonds 2017 Series A,

2017 Refunding Series E

Use of Proceeds Bond  USD 384m (2017-A2 matured on August 1 2017)  USA  Low Carbon Transport 

First Environment pre issuance report

post issuance report

Annual Report Feb 2018

EMMA Annual Disclosure 2017

Annual Report 2019

 

SF BART press release

CBI press release

EMMA Official Statement

December 2017

Sales Tax Revenue Bonds 2017 Refunding Series A,

Sales Tax Revenue Bonds 2017 Refunding Series B

Use of Proceeds Revenue Bond USD 185.5M USA Low Carbon Transport 

First Environment pre issuance report

post issuance report

EMMA Annual Disclosure 2017

Annual Report 2019

SF BART press release

EMMA Official Statement

August 2019 General Obligation Bonds 2019 Series B Use of Proceeds Revenue Bond USD 240m USA Low Carbon Transport  using the same pre issuance report as above   EMMA Official Statement
August 2019

General Obligation Bonds 2019 Series F

Use of Proceeds Revenue Bond USD 360m USA Low Carbon Transport  using the same pre issuance report as above   EMMA Official Statement
August 2019 General Obligation Bonds 2019 Refunding Series G Use of Proceeds Revenue Bond USD 43.5m USA Low Carbon Transport  using the same pre issuance report as above   EMMA Official Statement
October 2019 Sales Tax Revenue Bonds 2019 Refunding Series B Use of Proceeds Revenue Bond USD 80.3m USA Low Carbon Transport  using the same pre issuance report as above   EMMA Official Statement
August 2020
General Obligation Bonds (Election of 2016), 2020 Series C
Use of Proceeds Revenue Bond USD 700m USA Low Carbon Transport  using the same pre issuance report as above   EMMA Official Statement