Previously, under Ordinance No. 8-18, the General Manager of the San Francisco Public Utilities Commission was authorized to enter into a bank credit facility agreement with a term not to exceed six years and a total credit commitment not exceeding $150 million for supporting power purchases and other financial obligations of CleanPowerSF.

The proposed change extends the limitation on the term of the bank credit facility agreement for an additional period not exceeding ten years. It allows amendments, extensions, or replacements of the existing agreement with JPMorgan or another entity, while maintaining the total credit commitment under the agreement at a ceiling of $150 million.

This change will enable uninterrupted access to essential liquidity support for CleanPowerSF to fulfill authorized power purchases, regulatory requirements, and other financial obligations through letters of credit or loans.

The rationale for the change is based on the anticipated ongoing need for a bank credit facility to ensure the continued provision of liquidity support for CleanPowerSF's operations.

Any amendments, extensions, or new bank credit facility agreements must be approved by the Public Utilities Commission through its Commission in a public meeting. This authority can be delegated to the General Manager under conditions set by the Commission. Additionally, providers of future replacement bank credit facilities must be selected following City procurement processes.

The Controller, Treasurer, City Attorney, and all other appropriate officers and agents are authorized and directed to facilitate and carry out the provisions of this ordinance. All prior actions taken in connection with the bank credit facility agreement are ratified, approved, and confirmed by the Board of Supervisors.