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San Jose approves debt-policy changes to accommodate long-term energy prepayment bonds
Summary
The council approved revisions to the city's debt-management policy to formalize guidelines for energy prepayment agreements after the city used conduit bonds in 2024 to prepay power contracts. Finance staff said the prior transaction saved the city more than $66 million over the first eight years of the bonds.
The San Jose City Council approved revisions to Council Policy 1-15 (Debt Management Policy) to establish procedures and parameters for energy prepayment agreements and similar transactions. The amendment was approved during a joint hearing with the City of San Jose Financing Authority and the Successor Agency to the Redevelopment Agency; the council voted unanimously to accept the report and adopt the amended policy.
Maria Olberg, the city’s finance director, explained that the proposed policy changes formalize the process…
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