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Title:
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Recommend City Council conduct public hearing to amend and extend an existing revolving credit agreement with Water Utility for $25 million and with Electric Utility for $35 million for an additional three years and three months for an estimated cost of $413,500 funds available for year one in Public Utilities’ Water and Electric Debt Related Fiscal Charges Account fees for following years will be budgeted as part of next budget process - Adopt Resolution of the City Council of the City of Riverside, California, authorizing certain actions related to the extension of a subordinate line of credit for the water system and electric system - Approve City’s Financing Team, as described in staff report - Delegate to City Manager, Chief Financial Officer/Treasurer, Finance Director/Assistant Chief Financial Officer, and Public Utilities General Manager of City (or any duly authorized designee of any of such officers) authority to execute all documents related to this transaction
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