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FMRC approves parameters to pursue energy prepayment transaction; staff cite multi‑million dollar annual savings potential
Summary
The committee recommended board adoption of Resolution 2025‑07 authorizing documents to pursue a tax‑exempt energy prepayment (bond) transaction intended to lower power costs on specified power purchase agreements; staff said prior transactions yielded multi‑million dollar annual savings and the approach carries defined risks and mitigants.
The Finance and Risk Management Committee on June 12 recommended that the board adopt Resolution 2025‑07 authorizing staff to pursue an energy prepayment transaction using the California Community Choice Financing Authority (CCCFA) as the conduit issuer.
Jeff (Jeb) Spangler, strategic finance manager, and Dr. Eric Washington, chief financial officer, explained the structure and objectives of a prepayment transaction: SDCP (through CCCFA) issues tax‑exempt bonds; proceeds are used in a transaction that effectively converts variable energy contract payments to…
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