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San Jose approves commercial paper, $23M for AMI meters; TD Bank selected for letter of credit
Summary
The City of San Jose and its Financing Authority authorized renewal of the commercial paper program’s letter of credit and approved up to $23 million in commercial paper notes to buy and install a cellular advanced metering infrastructure system for about 27,000 water meters.
The San Jose City Council, sitting as the governing board of the City of San Jose Financing Authority, voted unanimously May 6 to authorize updates to the authority’s commercial paper program and to issue up to $23 million in lease-revenue commercial paper notes to fund a citywide advanced metering infrastructure (AMI) project.
The financing authority’s director of finance, Maria Oberg, told the council the authority — a joint exercise of powers created in 1992 — can issue up to $175,000,000 of commercial paper notes and that the program’s existing letter of credit with U.S. Bank expires in June. Oberg said the administration ran a request for proposals and selected TD Bank to provide a replacement letter of credit for up to $175…
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