DEPARTMENT: Finance
DEPARTMENT HEAD: Ben Gorzell Jr., Chief Financial Officer; Troy Elliott, Deputy Chief Financial Officer
COUNCIL DISTRICTS IMPACTED: Citywide
SUBJECT:
Approval of the following two items relating to financial matters of the City Public Service Board
SUMMARY:
CPS Energy requests approval by the City Council (the "Council") of the City of San Antonio, Texas (the "City") of the following obligations (collectively, the "Obligations"):
A. Ordinance for CPS Energy, approving up to $700,000,000 (representing a $100,000,000 increase from the previously authorized not to exceed amount of $600,000,000) in City of San Antonio, Texas Electric and Gas Systems Commercial Paper Notes, providing replacement liquidity for expiring credit facilities, updating the Commercial Paper Notes Program Components to allow future issuance flexibility, authorizing contracts and agreements in connection with the foregoing, and approving an Offering Document. ("CP Ordinance").
The CP Ordinance authorizes and continues CPS Energy's ability to issue CP and includes a delegation to Designated Financial Officers, defined in the Ordinance to include the President & CEO, CFO, Secretary, Treasurer or Assistant Treasurer, to be exercised by any of such parties, to approve programmatic modifications, including the selection of counterparties to provide program services, as permitted by Chapter 1371, as amended, Texas Government Code, and to undertake necessary matters relating to the foregoing and approves and authorizes the use of related transaction documentation. The increase of $100,000,000 is requested in anticipation of a reduction in a like amount of liquidity elsewhere in CPS Energy's debt portfolio.
B. Ordinance authorizing the issuance of obligations designated as City of San Antonio, Texas Electric and Gas Systems Revenue Refunding Bonds, in one or more series and in an aggregate amount not to exceed $765,000,000. ("Plan of Finance Ordinance", and together ...
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