CITY OF RIVERSIDE
CITY OF
RIVERSIDE NOTICE OF PUBLIC HEARING
City of Arts & Innovation
NOTICE IS HEREBY GIVEN that the City Council of the City of Riverside (the "City") will hold a public hearing on May 6, 2025, at which time it will consider public testimony concerning the execution and delivery of a First Amendment to Amended and Restated Revolving Credit Agreement (the "First Amendment"'), by and between the City and U.S. Bank National Association (the "Bank"), which amends an Amended and Restated Revolving Credit Agreement (the "Amended and Restated Credit Agreement"), dated as of February 1, 2022, by and between the City and the Bank. The First Amendment extends the maturity date of the Amended and Restated Credit Agreement from August 1, 2025, to August 1, 2028, and modifies the applicable spreads set forth in the Amended and Restated Credit Agreement.
The Public Hearing will be held on the following date:
DATE: May 6, 2025
TIME: 3:00 p.m. or as soon thereafter as the matter can be considered LOCATION: Art Pick Council Chamber, 3900 Main Street, Riverside, CA View live Webcast at www.riversideca.gov/meeting
The Amended and Restated Credit Agreement currently provides liquidity for Water System and Electric System indebtedness, a source of financing for working capital for the Water System and Electric System and a source of funding for capital improvements of the Water System and Electric System. Under the existing Amended and Restated Credit Agreement, the City may borrow moneys from time to time from the Bank in a principal amount not to exceed $25,000,000 at any time for the benefit of the Water System and in a principal amount not-to-exceed $35,000,000 at any time for the benefit of the Electric System.
Loans under the existing Amended and Restated Credit Agreement are generally secured by certain net operating revenues of the City's Water System or by certain net operating revenues of the City's Electric System. Neither the faith and credit nor the taxing power of the City, the State of California or any political subdivision thereof are pledged for the repayment of loans under the existing Amended and Restated Credit Agreement.
All persons interested in this matter are hereby invited to appear at the time and place above specified to voice their opinions relating thereto. Persons unable to attend such hearing may forward their written statements relating to the matter to the City Clerk, City Hall, 3900 Main Street, Riverside, California 92522, or email [email protected]. Comments via the eComment feature at www.RiversideCa.gov/meeting may be submitted until 11 a.m. on Tuesday, May 6, 2025.
If you challenge any of the above proposed actions in court, you may be limited to raising only those issues you or someone else raised at the public hearing described in this notice, or in written correspondence delivered to the City Clerk of the City of Riverside at, or prior to, the public hearing.
DONESIA GAUSE
City Clerk of the City of Riverside
Dated and Published: April 18, 2025