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Palm Springs approves guaranteeing Desert Community Energy's $20 million line to support long‑term power procurement
Summary
Council authorized the city to continue serving as guarantor for Desert Community Energy’s line of credit, increasing the guarantee to $20 million to support procurement, liquidity ratios and standby letters of credit for long‑term power agreements.
Palm Springs City Council voted May 28 to continue serving as guarantor for Desert Community Energy’s (DCE) revolving line of credit and to increase the guaranteed amount to $20 million, public documents and presentations show.
The nut graf: staff and DCE financial advisers said the increase would help DCE secure long‑term power contracts, free cash currently used as collateral to earn market returns, and bolster liquidity ratios that affect DCE’s credit profile.
LP McCloy, appearing by video, summarized the request and handed the discussion to Claude Kilgore, the finance lead supporting DCE. “DCE has not drawn on the line of credit since February 2023,” Kilgore told the council, and “as of…
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