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San Jose council approves documents to pursue $1.25 billion CCCFA clean‑energy revenue bond structure
Summary
Council approved staff recommendations to pursue a CCCFA tax‑exempt revenue bond transaction (not to exceed $1.25 billion) to prepay long‑term energy supply via Morgan Stanley and CCCFA, with staff outlining risks (volumetric, market, counterparty) and estimated initial savings and costs.
The San Jose City Council on Dec. 2 approved staff recommendations to proceed with documents enabling a California Community Choice Financing Authority (CCCFA) clean‑energy prepayment transaction. City staff, bond counsel and financial advisers described a complex structure in which CCCFA would issue tax‑exempt revenue bonds (not to exceed $1.25 billion) that fund the prepayment of assigned power‑purchase agreements; Morgan Stanley would act as prepaid energy supplier and CCCFA would sell the energy to the city at a discount.
Maria Oberg (director of…
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