Title
Ordinance No. 16-81 of the City of Colorado Springs, Colorado approving and authorizing the execution and delivery of the Revolving Loan Agreement between the City of Colorado Springs, Colorado and U.S. Bank National Association and the Revolving Promissory Note of the City relating thereto; and providing matters relating thereto
Presenter:
Bill Cherrier, Chief Planning and Finance Officer, Colorado Springs Utilities
Jerry Forte, P.E., Chief Executive Officer, Colorado Springs Utilities
Body
Summary:
The attached Ordinance addresses renewal of a Revolving Loan Agreement ("Agreement") with U.S. Bank, N.A. for $60.0 million.
Current Agreements are provided by KeyBank, N.A. ($50.0 million) and U.S. Bank, N.A. ($25.0 million) with a stated expiration date on both Agreements of September 04, 2016. The City has elected to renew with U.S. Bank, N.A. for a term of three years. The decision to renew with our current counterparty was determined through a competitive RFP process conducted by Utilities earlier in 2016.
Previous Council Action:
City Council approved the following Ordinances authorizing Revolving Loan Agreements
Authorizing Ordinance Date Amount Counterparty
02-7 1/22/2002 $15,000,000 U.S. Bank, N.A.
07-91 6/12/2007 $25,000,000 KeyBank, N.A.
08-202 11/25/2008 $50,000,000 U.S. Bank, N.A.
09-54 5/12/2009 $50,000,000 U.S. Bank, N.A.
10-49 6/22/2010 $25,000,000 KeyBank, N.A
11-99 12/13/2011 $25,000,000 Union Bank, N.A.
12-38 5/22/2012 $75,000,000 U.S. Bank, N.A.
13-52 8/27/2013 $50,000,000 KeyBank, N.A.
13-52 8/27/2013 $25,000,000 U.S. Bank, N.A.
Background:
The City has maintained a Revolving Loan Agreement continuously since 2002 with a small number of changing counterparties. Until 2013 only one-year Agreements were available resulting in extensions of many of the Agreemen...
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