Combined Utility System Liquidity Replacement
4
Combined Utility System Liquidity Replacement Finance Department Kelly Dowe, Director Presented By: Jennifer Olenick, Deputy Assistant Director Public Finance January 31, 2011
-
Upload
willow-mullins -
Category
Documents
-
view
13 -
download
0
description
Combined Utility System Liquidity Replacement. Finance Department Kelly Dowe, Director Presented By: Jennifer Olenick, Deputy Assistant Director Public Finance January 31, 2011. CUS Liquidity Summary. CUS Commercial Paper Series B-5. The Series B-5 CP program will support the CUS’s CIP. - PowerPoint PPT Presentation
Transcript of Combined Utility System Liquidity Replacement
Combined Utility SystemLiquidity Replacement
Finance DepartmentKelly Dowe, Director
Presented By:Jennifer Olenick, Deputy Assistant Director
Public FinanceJanuary 31, 2011
2
CUS Liquidity Summary
Liquidity Type Series Size($ millions) Bank Expiration
Commercial Paper
B-1 250.00 JPMorgan Chase 12/16/2013B-2 75.00 Wells Fargo 12/14/2012B-3 75.00 Bank of Tokyo-Mitsubishi 1/20/2015B-4 100.00 Barclay's 7/15/2013B-5 100.00 Vacant N/AB-6 100.00 Citibank 7/15/2013
Total 700.00
Variable Rate Demand Bonds
2004B-1 225.00 Bank of America 12/16/20132004B-2 100.00 State Street 4/5/20132004B-3 75.00 Sumitomo 4/6/20122004B-4 75.00 JPMorgan Chase 4/6/20132004B-5 100.00 Lloyd's 4/6/20132004B-6 78.33 Scotia 4/6/20122008D-1 132.01 JPMorgan Chase 12/31/2012
Total 785.34
Put Bonds 2010 B-1 200.00 RBC 3/22/20132010 B-2 49.08 RBC 3/23/2013
Total 249.08
• The Series B-5 CP program will support the CUS’s CIP.• Commercial paper has proven to be a cost-effective method of
financing the System’s capital improvement program; saving the System millions of dollars in debt service.
• The Finance Working Group recommends obtaining an aggregate amount of $100 million and entering into an agreement with a highly rated bank to support the Series B-5 CP program. The specific bank(s) selected for this transaction will be presented to Council through an RCA that is forthcoming.
• RCA is expected to be brought before Council in February.
3
CUS Commercial Paper Series B-5
• Variable rate bonds are another cost-effective method of financing the System’s capital improvement program.
• The current facilities will expire April 6, 2012. • The Finance Working Group recommends maintaining the
aggregate amount of capacity at $153.33 million and entering into new liquidity agreements with highly rated banks to support the Series 2004B Bonds. The specific banks selected for this transaction will be presented to Council through an RCA that is forthcoming.
• RCA is expected to be brought before Council in February or March.
4
CUS VRDBs Series 2004B-3 & B-6
