Regular Board Meeting
February 29, 2024
Item 2: CEO Report
02/29/24 2
Item 2: CEO Report
• CEA Outreach Efforts
• Mailed Notices
• Presentation to Groups
• Meetings with Key Stakeholders
• Print & Social Media Communications
• Presence at Community Events
• Solar Plus Has Arrived!
02/29/24 3
Notice Schedule • February • Pre-enrollment Postcard • March • Pre-enrollment Postcard • May • Welcome Letter • June • Post-enrollment Postcard 02/29/24 4
Presentations & Key
Stakeholder Meetings
• Live Well San Diego
• Cleantech San Diego, Energy Working Group
• San Diego Building Electrification Coalition
• RE+ Conference
• Vista & Oceanside Chamber of
Commerce
• San Diego Regional Climate Collaborative
• Universidad Popular
• Surfrider Foundation
5 • North County NAACP Youth
Council
• Oceanside Unified School District
• Preserve Calavera
• San Diego North Business
Chamber – Sustainability
Advisory Council
• Carlsbad Chamber – Green
Business Committee
• Council on Supplier Diversity
• Other CCAs – PRIME, SDCP
02/29/24
Print & Social Media Communications
• Coast News – Oceanside
• 200,000 readers
• Coast News Inland Edition – Vista
• 10,000 readers
• Vista Press
• 25,000 subscribers
• North County Daily Star – Vista & Oceanside
• 650,000 residents in distribution area
• Vista Magazine
• Oceanside Magazine
• Google, Facebook, Instagram Ads
02/29/24 6
The Vista Moonlight Amphitheater
Sponsorship
• Logo recognition on Moonlight website & social media
• CEA name/logo listed in 70,000 summer season show
programs
• Quarter-page advertisement in 70,000 summer show
programs
• Custom banner on Moonlight Amphitheatre North & South entrances
• Full-page digital ad on Moonlight Amphitheatre billboard during all Moonlight Stage Production events
02/29/24 7
Upcoming Community Events
Event Date
Vista Chamber of Commerce, Velocity Podcast 3/6/24 11am – 12pm MainStreet Oceanside, Sunset Market 3/7/24 5pm – 9pm
Vista Farmers Market 3/9/24 8am – 12pm
Oceanside Chamber of Commerce, Meet the City 3/21/24 5pm - 7pm MainStreet Oceanside, Sunset Market 3/28/24 5pm – 9pm
Vista Business Breakfast 4/3/24 8am – 10am
San Marcos Chamber of Commerce, Spring Fling 4/7/24 9am – 5pm Alta Vista Botanical Gardens, Earth Day 4/20/24 10am – 3pm Sony Electronics, Earth Day Fair 4/23/24 11:30am – 1:30pm 02/29/24 8
Upcoming Community Events Cont.
Event Date
Carlsbad Chamber of Commerce, Green Business Expo 4/27/24 9am – 1pm Ocean Hills Country Club, Senior Expo 5/19/24 10am -2pm Escondido Downtown Business Association, Street Festival 5/19/24 10am – 6pm Vista Strawberry Festival 5/26/24 8am-6pm
02/29/24 9
Solar Plus – Solar + Battery Storage
• Affordable – $0 Upfront Costs
• Equitable Access – No Credit Application
• Energy Cost Savings – Maximize use of battery to avoid generation & delivery costs
• GHG Reductions – Increased renewable energy in CEA
• Reliability – Full use of battery during power shut offs and/or peak demand times
• www.TheCleanEnergyAlliance.org
• Program also accessible directly from Tesla.com/solarpanels 02/29/24 10
Questions/Discussion
02/29/24 11
Item 4: JPMorgan Line of Credit
Amendment
02/29/24 12
Item 4: JPMorgan LOC Amendment
RECOMMENDATION:
• Adopt Resolution No. 2024-001 Approving and Authorizing Amendment to the Revolving Credit Agreement with JPMorgan increasing existing line of credit from $25MM to $40 MM, with an additional $10MM available if certain conditions are met • Authorize the CEO to execute all documents subject to Financial Transactions Attorney and General Counsel approval
02/29/24 13
Item 4: JPMorgan LOC Amendment
02/29/24 14
DATE RESOLUTION NO. ACTION PURPOSE
Initial Start-up Cash
Flow
January 21, 2021 2021-004 Initial - $6MM
Cash flow & Power
Procurement
January 13, 2022 2022-001 Increase - $15MM
Cash flow &
Expansion (fully
repaid 10/2023)
March 30, 2023 2023-003 Increase - $25MM
Cash flow &
Expansion (estimate
fully repaid by
10/2025)
Increase - $40MM
with additional
$10MM available
Proposed February 2024-001
29, 2024
Item 4: JPMorgan LOC Amendment
• Credit Terms Unchanged
• No fees on the additional $10MM unless funds are accessed • LOC term ends January 31, 2026 – Full Repayment due • Anticipate any used funds to be fully repaid by October 2025 • LOC may be used for operational, power procurement &
credit collateral requirements
02/29/24 15
Item 4: JPMorgan LOC Amendment
• Cost Estimates through Life of Line of Credit:
• 1.25% Fees paid on amount available
• Interest Costs are within pro forma limits and will be included in FY 2024/25 Proposed Budget.
02/29/24 16
Total Costs through
1/31/26
Line of Credit Interest Costs
Utilized %
Line of Credit
Utilized $
$0 0% $973,052 $990,552
$20,000,000 50% $3,938,913 $3,956,413
$40,000,000 100% $6,904,775 $6,922,275
Questions/Discussion
02/29/24 17
Item 5: Community Advisory
Committee Meeting Schedule
Update
02/29/24 18
Proposed Meeting Schedule Update
02/29/24 19
ORIGINAL MEETING DATE PROPOSED MEETING SCHEDULE
March 7, 2024 ; 1pm – 3pm March 14, 2024; 1pm – 3pm
April 4, 2024; 1pm – 3pm April 11, 2024; 1pm – 3pm
June 6, 2024; 1pm – 3pm June 13, 2024; 1pm – 3pm
August 1, 2024; 1pm – 3pm August 8, 2024; 1pm – 3pm
October 3, 2024; 1pm – 3pm October 10, 2024; 1pm – 3pm
December 5, 2024; 1pm – 3pm Special meeting if needed
• Board Approved Schedule at the January 25th Board Meeting • Recommend Updated to Accommodate CAC Chair Availability – from 1st Thursday to 2nd Thursday even months (except March) All Meetings held at Oceanside City Council Chambers
Questions/Discussion
02/29/24 20