BOARD AGENDA MEMORANDUM
SUBJECT:
Title
Adopt the Resolution Authorizing the Solicitation and Negotiation of and Execution and Delivery of One or More Lines of Credit, Credit Agreement, Fee Letter and Related Documents and Actions.
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RECOMMENDATION:
Recommendation
A. Adopt the Resolution AUTHORIZING THE SOLICITATION AND NEGOTIATION OF AND EXECUTION AND DELIVERY OF ONE OR MORE LINES OF CREDIT, CREDIT AGREEMENT, FEE LETTER AND RELATED DOCUMENTS AND ACTIONS; and
B. Authorize the Chief Executive Officer, Chief Financial Officer, or Treasury and Debt Officer (in each case, including any acting, interim, or otherwise appointed officer, as the case may be) or their written designees (each an "Authorized Officer"), and District Counsel and the Clerk of the Board of Directors and such other officers and staff of the District, acting singly, to do any and all things to solicit, negotiate and execute one or more Lines of Credit, Credit Agreement, Fee Letter, and such other agreements, documents and certificates, including to provide for covenants, representations and warranties of the District, as may be necessary to effectuate each Line of Credit, Credit Agreement and Fee Letter, if they determine such execution and delivery is in the best interest of the District.
Body
SUMMARY:
Approval of the recommended actions would authorize Santa Clara Valley Water District (Valley Water or District) staff to expand Valley Water's existing Commercial Paper (CP) program (CP Program) by an amount not to exceed $200 million through the solicitation and negotiation of one or more bank lines of credit. This expansion would increase Valley Water's authorized CP Program borrowing capacity from the existing $150 million capacity to an expanded capacity of $350 million. The additional capacity would provide for additional short-term financing of on-going capital projects as well as for back-up operating and capital funds during anticipated and unanticipated times of need. Bank ...
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