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Council and JPA renew $25 million revolving credit line for utility liquidity; undrawn fee remains $75,000 annually
Summary
The City Council and the Redding Joint Powers Financing Authority approved a three-year extension of a $25 million revolving credit agreement with US Bank to provide liquidity for the electric utility; the undrawn commitment fee remains at 30 basis points (about $75,000/year).
The City Council and the Redding Joint Powers Financing Authority authorized an extension of an amended and restated revolving credit agreement with US Bank, preserving an on-demand financing facility of up to $25 million for the city’s electric utility and related JPA. The financing vehicle, commonly used as a liquidity backstop, carries a 30-basis-point annual undrawn commitment fee that staff said equates to…
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