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Council extends Bank of America letter of credit for water utility commercial paper program
San Diego City Council · October 29, 2024
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Summary
The council authorized a three-year extension of the Bank of America letter of credit backing the water utility's $250 million commercial paper program, approving an estimated $2.9 million in fees over the term (about $420,000 this fiscal year) and declaring official intent to reimburse capital expenditures.
The City Council voted Oct. 29 to extend the letter-of-credit agreement with Bank of America that supports the City of San Diego's $250 million water utility commercial paper program, authorizing routine facility fees estimated at $2.9 million over approximately three…
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