Presenters:
Maria Öberg, Director of Finance
Qianyu Sun, Deputy Director of Finance
Comprehensive
Annual Debt Report
as of June 30,2025
City Council
December 9, 2025
Item 3.5
Debt Management Program
Debt Issuance
Debt
Administration
Financial
Advisory
2 Policy Objectives
Minimize debt service and issuance costs
Maintain access to cost-effective borrowing
Achieve the highest practical credit rating
Full and timely repayment of debt
Maintain full and complete financial disclosure and reporting Ensure compliance with applicable federal and state laws Assess the financial impacts of significant City projects 2 CSJFA Wastewater Revenue
Bonds/RWF Notes, $300.3
SARA TABs, $981.3
CSJ GO Bonds, $497.3
CSJFA Lease Revenue
Bonds/CP Notes, $632.7
Airport Revenue Bonds/CP
Notes, $1,010.6
$3.4 billion debt outstanding as of June 30, 2025, excluding conduit multifamily housing revenue bonds ($834 million) and other liabilities of the City.
Debt Outstanding (in millions)
3 Variable Rate Programs
Program Project Description Bank
Authorized
Amount Outstanding
Expiration
Date
LETTERS OF CREDIT
Airport CP Airport Terminal Area
Improvement Program
Bank of America,
N.A. $75,000,000 $20,056,000 9/10/2026
City of San José
Financing Authority CP Various City Projects U.S. Bank, N.A. 175,000,000 25,667,000 5/17/2030
REVOLVING LINE OF CREDIT
San José-Santa Clara
Regional Wastewater
Facility
Wastewater System
and Treatment Plant
Projects
Wells Fargo
Bank, N.A. $200,000,000 $40,098,000 10/16/2026
R
EVOLVING CREDIT FACILITY
San José Clean Energy
Letter of Credit
Energy Power Provider
Contracts
JP Morgan Chase
Bank, N.A. $175,000,000 $1,953,614 2/17/2028
TOTAL $625,000,000 $87,774,614
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FY 2024-2025 Debt Issuance
5 Issuance by the City Amount
CSJ Airport Revenue Refunding Bonds $76.4 million
CSJFA Lease Revenue CP Notes 20.7 million
CSJ Airport CP Notes 0.6 million
T otal issuance by the City $97.7 million
Issuance by other agencies Amount
CCCFA Clean Energy Project Revenue Bonds $1.24 billion
5 FY 2025-2026 Debt Issuance
6 Status Issuance Amount
Completed CSJ GO Bonds $209.6 million
CSJFA Lease Revenue Bonds 47.8 million
CSJFA Wastewater Revenue Notes 50.0 million
CSJ Multifamily Housing Bonds 184.5 million
Subtotal – completed debt issuance $491.9 million
Planned CSJ Airport CP Notes 0.4 million
CSJFA Lease Revenue CP Notes 38.5 million
CSJ Multifamily Housing Bonds 92 million
CCCFA Clean Energy Project Revenue Bonds1 TBD
Note 1 : California Community Choice Financing Authority will issue conduit bonds for the benefit of the City 6 GO Ratings of Largest US Cities
7 RATING RANK CITY MOODY’S STANDARD &
POOR’S FITCH
1 San Antonio Aaa AAA AA+
2 (tie) San José Aa1 AA+ AAA
2 (tie) Phoenix Aa1 AA+ AAA
4 Los Angeles Aa2 AA AAA
5 (tie) San Diego Aa2 AA AA+
5 (tie) Jacksonville Aa2 AA AA+
7 New York Aa2 AA AA
8 (tie) Houston Aa3 AA AA
8 (tie) Fort Worth Aa3 AA AA
10 Dallas A1 AA- AA
11 Philadelphia A1 A+ A+
12 Chicago Baa3 BBB A-
* Data as of October 2025
7 Recommendation
• Accept the Comprehensive Annual Debt Report for the City of San José for Fiscal Year 2024-2025.
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