City Council

Item S501: Water Revenue Commercial Paper Program Letter of Credit Extension.\n(Added 10/23/24)\nThis item will be considered in the morning session which is scheduled\nto begin at 10:00 a.m.\nTotal Estimated Cost of Proposed Action and Funding Source:\nSee "Fiscal Considerations" section of Staff Report.\nCouncil District(s) Affected: Citywide.\nProposed Actions:\nSubitem-A: (O-2025-48)\nIntroduction of an Ordinance authorizing the execution of the First\nAmendment to Reimbursement Agreement between the City and Bank of\nAmerica, N.A to extend the term of its direct-pay letter of credit to support\nthe Public Facilities Financing Authority of the City of San Diego's\nSubordinated Water Revenue Commercial Paper Notes; and other related\nactions.\nSubitem-A: 6 votes required pursuant to Charter Section 99.\nSubitem-B: (R-2025-188 Cor. Copy) (Rev. 10/23/24)\nResolution authorizing the execution of a Reimbursement Agreement\ndeclaring the City’s official intent to use proceeds from debt obligations to\nreimburse itself for eligible capital expenditures advanced by the City’s Water\nUtility Fund.\nCommittee Actions Taken:\nThis item was heard at the Budget and Government Efficiency Committee on\nOctober 16, 2024.\nACTION: Motion by Chair Lee, second by Committee Member Moreno, to\nrecommend Council 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