HomeMy WebLinkAboutAgenda - Read Before Packet - 4/19/2022 - Electric Utility Enterprise Board Agenda For April 19, 2022 - Amended April 15, 2022City of Fort Collins Page 1
Jeni Arndt, President
Emily Francis, District 6, Vice President
Susan Gutowsky, District 1
Julie Pignataro, District 2
Tricia Canonico, District 3
Shirley Peel, District 4
Kelly Ohlson, District 5
Remote Meeting
City Hall West
300 LaPorte Avenue
Fort Collins, Colorado
Cablecast on FCTV
Channel 14 on Connexion
Channel 14 and 881 on Comcast
Carrie Daggett Kelly DiMartino Anissa Hollingshead
City Enterprise Attorney Interim Executive Director Secretary
The City of Fort Collins will make reasonable accommodations for access to City services, programs, and activities and
will make special communication arrangements for persons with disabilities. Please call 970.221.6515 (V/TDD: Dial
711 for Relay Colorado) for assistance.
Electric Utility Enterprise Board Meeting
April 19, 2022
(To be conducted during adjournment of the
Regular Council Meeting under Other Business)
(Amended 4/15/22)
A) CALL MEETING TO ORDER
B) ITEMS FOR CONSIDERATION
1. Consideration and Approval of the Minutes of the April 5, 2022 Meeting.
The purpose of this item is to approve the minutes of the April 5, 2022 meeting.
2. First Reading of Ordinance No. 014 An Ordinance of the City of Fort Collins, Colorado, Electric Utility
Enterprise Repealing its Ordinance No. 012, 2022, and Authorizing a Loan Agreement with U.S. Bank
National Association to Provide Funding for the Epic Loan Program.
In 2012, Council established, by ordinance, the On-Bill Utility Financing Program, which is now known
as the Epic Loan Program. The Program provides financing for home energy projects by making loans
to property owners who are customers of Fort Collins Utilities. Staff is recommending the Electric Utility
Enterprise borrow additional capital for the Program by entering into a second loan agreement with
U.S. Bank. This Ordinance authorizes the Enterprise to borrow up to $2.5 million, under a line of credit,
from U.S. Bank as additional funding for the Program (Loan). The blended public and private capital
strategy of Epic Loans has worked well for the last several years and supports the projected Epic
Homes funding needs. The Council Finance Committee expressed their support for the proposed
agreement renewals at their February 4, 2022, meeting.
ELECTRIC UTILITY ENTERPRISE
BOARD
City of Fort Collins Page 2
The Enterprise Board adopted its Ordinance No. 012, to authorize the Loan on April 5, 2022, but
Ordinance No. 012 was not published after adoption as required by the Charter. It is necessary that
the Enterprise Board repeal Ordinance No. 012 and adopt this Ordinance to authorize and approve
the Loan again. The Enterprise has taken no action on the Loan under Ordinance No. 012.
3. First Reading of Ordinance No. 013, 2022, An Ordinance of the City of Fort Collins, Colorado, Electric
Utility Enterprise Authorizing a Loan Agreement with Vectra Bank Colorado to Provide Funding for the
Epic Loan Program.
In 2012, City Council established, by ordinance, the On-Bill Utility Financing Program, now known as
the Epic Loan Program. The Program provides financing for home energy projects by making loans to
property owners who are customers of Fort Collins Utilities. Staff is recommending the Electric Utility
Enterprise enter into a second loan agreement with Vectra Bank Colorado to support additional capital
for the Program. This Ordinance authorizes the Enterprise to borrow up to $1.8 million from Vectra
Bank Colorado as additional funding for the Program. The blended public and private capital strategy
of Epic Loans has worked well for the last several years and supports the projected Epic Homes
funding needs. The Council Finance Committee expressed their support for the proposed agreement
renewal at their February 4, 2022, meeting.
C) OTHER BUSINESS
D) ADJOURNMENT