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Committee backs PUC proposal to create $90 million commercial paper facility for power enterprise
Summary
The Budget & Finance Committee forwarded a resolution authorizing the Public Utilities Commission to establish a commercial paper program for the power enterprise (up to $90 million for power; program features Bank of America backstop and dealer agreements), citing near‑term capital needs of about $70 million and an estimated all‑in borrowing rate near 1%.
The Budget & Finance Committee on Nov. 4 reviewed and forwarded to the full Board a resolution to authorize a new commercial paper program within the San Francisco Public Utilities Commission’s power enterprise. Charles Pearl, deputy chief financial officer, told the committee the program is intended to provide short‑term, bridge financing between larger revenue bond sales and would support capital projects for generation, transmission and distribution…
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