City Council

CC 13. Consider Approval of an Amendment to the Promissory Note Dated January 28, 2025, Between the City of Lancaster and First Public Hydrogen Authority Increasing the Amount by $4,000,000. Recommendation(s): 1. Approve an amendment to the Promissory Note dated January 28, 2025, between the City of Lancaster and First Public Hydrogen Authority increasing the amount from $2,600,000 to $6,600,000, an increase of $4,000,000. 2. Authorize the City Manager, or his designee, to sign all documents related to the promissory, subject to City Attorney approval. FPH2 is poised to execute off-take agreements by the end of the current fiscal year, providing FPH2 visibility to its initial revenue sources. An increase in the Promissory Note of $4,000,000 will provide sufficient funds for expenditures through June 30, 2026. The Maturity Date of July 1, 2028 and interest in an amount equal to the average of the average monthly effective yields of the Local Agency Investment Fund (“LAIF”) remain unchanged.