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Commission authorizes wastewater enterprise commercial paper use for interim CIP financing
Summary
The commission authorized use of the wastewater enterprise's commercial paper program to provide interim financing for cash-flow needs on additional capital improvement projects ahead of long-term bond sales expected in early 2010.
The commission voted to authorize the wastewater enterprise to use its commercial paper program for interim financing of capital improvement projects, Assistant General Manager and CFO Todd Reedstrom told commissioners.
Reedstrom said the approach lets the enterprise borrow in the lowest-cost short‑term market to fund projects now and bridge cash-flow until the administration sells long‑term bonds in early 2010. The commercial paper resolution ratifies prior administrative work and authorizes the general manager and designees to take necessary implementation steps.
Commissioners moved, seconded and approved the resolution by voice vote. Reedstrom said this action follows the narrower commercial paper scope adopted in 2006 and expands its use to address cash-flow for additional wastewater CIP projects adopted more recently.
