DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliot, Deputy Chief Financial Officer
COUNCIL DISTRICTS IMPACTED: Citywide
SUBJECT:
An Ordinance authorizing CPS Energy revenue obligations in aggregate not to exceed $500,000,000 and a Resolution in support of protecting CPS Energy customers from excessive charges for electricity and fuel.
SUMMARY:
Approval of the following items relating to matters of the City Public Service Board ("CPS Energy"):
A) An Ordinance authorizing the issuance of obligations (collectively, the "Obligations") designated as City of San Antonio, Texas Electric and Gas Systems Revenue Obligations in one or more series in an aggregate amount not to exceed $500,000,000.
The Ordinance authorizes issuance of one or more series of Revenue Obligations (within parameters outlined in the Ordinance), and includes a delegation of authority by the Council to CPS Energy's Designated Financial Officers, as defined in the Ordinance, to approve the terms of each series of Revenue Obligations (within the parameters outlined in the Ordinance), as permitted by Chapters 1371, 1431, and 1502, as amended and as applicable, Texas Government Code, respectively, and to undertake necessary matters relating to the foregoing and approve and authorize the use of related transaction documents.
B) A Resolution in support of protecting CPS Energy customers from unlawful, illegitimate, charges for electricity and fuel. (A copy of the Resolution is attached to this item.)
BACKGROUND INFORMATION:
During the February 2021 Extreme Winter Weather Event, CPS Energy worked intensely every day to purchase sufficient fuel & power to serve our customers and community during this devastating unprecedented disaster. To achieve this important goal, CPS Energy incurred significant costs associated with natural gas for gas distribution and gas-fired electric generation needs, as well as purchased power. CPS Energy's first priority is to serve its customers and protect them...
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