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Combined Utility System Liquidity Replacement Finance Department Kelly Dowe, Director Presented By: Jennifer Olenick, Deputy Assistant Director Public.

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Presentation on theme: "Combined Utility System Liquidity Replacement Finance Department Kelly Dowe, Director Presented By: Jennifer Olenick, Deputy Assistant Director Public."— Presentation transcript:

1 Combined Utility System Liquidity Replacement Finance Department Kelly Dowe, Director Presented By: Jennifer Olenick, Deputy Assistant Director Public Finance January 31, 2011

2 2 CUS Liquidity Summary Liquidity TypeSeries Size ($ millions) BankExpiration Commercial Paper B JPMorgan Chase12/16/2013 B Wells Fargo12/14/2012 B Bank of Tokyo-Mitsubishi1/20/2015 B Barclay's7/15/2013 B VacantN/A B Citibank7/15/2013 Total Variable Rate Demand Bonds 2004B Bank of America12/16/ B State Street4/5/ B Sumitomo4/6/ B JPMorgan Chase4/6/ B Lloyd's4/6/ B Scotia4/6/ D JPMorgan Chase12/31/2012 Total Put Bonds 2010 B RBC3/22/ B RBC3/23/2013 Total

3 The Series B-5 CP program will support the CUSs CIP. Commercial paper has proven to be a cost-effective method of financing the Systems 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

4 Variable rate bonds are another cost-effective method of financing the Systems capital improvement program. The current facilities will expire April 6, The Finance Working Group recommends maintaining the aggregate amount of capacity at $ 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


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