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Riverside extends letter of credit for water revenue bonds to avoid costly refinancing; three‑year renewal estimated at $259,000
Riverside City Council · September 16, 2025
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Summary
Council approved extending the PNC Bank letter of credit that supports the city's variable‑rate water revenue bonds (Series 2011A), citing about $24 million outstanding and a market test showing renewal costs competitive versus forced refinancing.
The City Council approved staff’s recommendation to extend the existing PNC Bank letter of credit that supports the city's variable‑rate refunding water revenue bonds (Series 2011A), a move staff said avoids forced repayment or refinancing at higher fixed rates.
Staff reporte…
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