City Council

Item 57: Water Revenue Commercial Paper Program Letter of Credit Extension.\nTotal Estimated Cost of Proposed Action and Funding Source:\nSee "Fiscal Considerations" section of Staff Report.\nCouncil District(s) Affected: Citywide.\nProposed Actions:\nAdopt the following Ordinance which was introduced on 10/29/2024, Item S501,\nSubitem-A (Council voted 8-0, Councilmember Campbell-not present):\n(O-2025-48)\nOrdinance authorizing the execution of the First Amendment to Reimbursement\nAgreement between the City and Bank of America, N.A to extend the term of its direct-\npay letter of credit to support the Public Facilities Financing Authority of the City of San\nDiego's Subordinated Water Revenue Commercial Paper Notes; and other related actions.\n6 votes required pursuant to Charter Section 99.\nCommittee Actions Taken:\nThis item was heard at the Budget and Government Efficiency Committee on October 16,\n2024.\nACTION: Motion by Chair Lee, second by Committee Member Moreno, to recommend\nCouncil approval of staff’s proposed actions.\nVOTE: 3-0; Foster III-yea, Lee-yea, Moreno-yea, LaCava-not present.\nDebt Management: Allison Falkenstein, (619) 533-4516\nCity Attorney Contact: David Powell