City of Long Beach - File #: 23-054UT

• File #: 23-054UT
• Version: 1
• Name: Recommendation to adopt Resolution UT-1476, amending and restating Resolution No. WD-1427, approving an extension of the current Revolving Line of Credit with JP Morgan Chase Bank, N.A. for an additional one-year term and authorize the execution of all ne
• Type: UT-Agenda Item
• Status: Approved
• File created: 4/6/2023
• In control: Utilities Commission
• On agenda: 4/13/2023
• Final action: 4/13/2023
• Title: Recommendation to adopt Resolution UT-1476, amending and restating Resolution No. WD-1427, approving an extension of the current Revolving Line of Credit with JP Morgan Chase Bank, N.A. for an additional one-year term and authorize the execution of all necessary documents and amendments in connection therewith. The borrowing limit under the Line of Credit will remain at the existing principal amount of not to exceed $60,000,000. The Line of Credit will continue to be secured solely by Water Revenues on its Subordinate Lien.

Date	Ver.	Action By	Action	Result
4/13/2023	1	Utilities Commission	approve recommendation	Pass

TITLE

Recommendation to adopt Resolution UT-1476, amending and restating Resolution No. WD-1427, approving an extension of the current Revolving Line of Credit with JP Morgan Chase Bank, N.A. for an additional one-year term and authorize the execution of all necessary documents and amendments in connection therewith.  The borrowing limit under the Line of Credit will remain at the existing principal amount of not to exceed $60,000,000.  The Line of Credit will continue to be secured solely by Water Revenues on its Subordinate Lien.

SUGGESTED ACTION

Approve recommendation.