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Riverside Council extends utility credit line to preserve RPU ratings, avoid higher borrowing costs
Summary
City Council approved a three-year, three-month extension to revolving credit agreements for Riverside Public Utilities’ water and electric systems, keeping commitment fees unchanged and citing credit-rating and emergency liquidity benefits.
Riverside City Council on Tuesday approved an amendment to extend the city’s revolving credit agreement for its water and electric utilities, a move staff said will help the utilities maintain credit ratings and provide short-term emergency liquidity.
City staff said the agreements, which cover a $35 million electric facility and a $25 million water facility, will be extended for three years and three months with no change to the 20-basis-point commitment fee. The extensions tie the line of credit to the term SOFR index and keep U.S. Bank as the credit provider. "There are no current plans to draw on the [lines of credit], but it…
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