DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott
COUNCIL DISTRICT(S) IMPACTED: City Wide
SUBJECT:
Financial Matters pertaining to CPS Energy
SUMMARY:
CPS Energy requests City Council approval of the following:
A. An Ordinance authorizing the a) issuance of the City of San Antonio, Texas Electric and Gas Systems New Money Bonds, Series 2014 ("New Money Bonds"), in a principal amount not to exceed $200 million, and other financial matters as necessary and b) distribution of an Official Statement relating to the New Money Bonds.
B. An Ordinance authorizing the a) issuance of the City of San Antonio, Texas Electric and Gas Systems Revenue Refunding Bonds, New Series 2014 ("Refunding Bonds"), in a principal amount not to exceed $300 million, and other financial matters as necessary to refund certain maturities of the City of San Antonio, Texas Electric and Gas Systems Revenue Refunding Bonds, New Series 2005 ("Refunded Obligations") for debt service savings and b) distribution of an Official Statement relating to the Refunding Bonds.
The respective Ordinances authorizing issuance of the New Money Bonds and Refunding Bonds, includes a delegation of authority by the San Antonio City Council to CPS Energy's Designated Financial Officers, defined in the Ordinance to include the President and Chief Executive Officer ("CEO") and the Executive Vice President, Chief Financial Officer, and Treasurer of CPS Energy ("CFO"), to be exercised by either of such parties, to issue and set pricing of the Refunding Bonds and New Money Bonds, as permitted by Chapters 1207 and 1371, as amended, Texas Government Code, respectively, and to undertake necessary matters relating to the foregoing.
BACKGROUND INFORMATION:
CPS Energy issues bonds periodically to finance new capital construction and capital improvement projects and/or to refinance, defease, or restructure outstanding debt. CPS Energy has a Debt Management Plan (the "Plan") providing gu...
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