Letter of Credit
Renewal
Abby Veeser
Finance Director
Background on 2007 Variable Rate Bonds
Fourth LOC
Renewal
2021
Third LOC
Renewal
2018
Second LOC
Renewal
2015
First LOC
Renewal
2012
Wells Fargo
Initial Letter of
Credit (LOC)
2009
Bond Issuance
2007
Variable Rate Demand Revenue Bonds – Costs
Remarketing Fees
– 9 basis points
(0.09%)
Wells Fargo Letter
of Credit fees – 75
basis points (.75%)
Variable interest
rates (resets
weekly)
Recommendation
Adopt a Resolution as the San Mateo City Council and a Resolution as the Governing Board of the City of San Mateo Joint Powers Financing Authority, each ratifying City Manager approval of the Fifth Amendment to Reimbursement Agreement and the Second Amended and Restated Fee Agreement for the renewal of an irrevocable letter of credit with Wells Fargo Bank according to the terms specified in the agreements.
Questions?
Abby Veeser
Finance
[email protected]