HomeMy WebLinkAboutMinutes - Mail Packet - 5/24/2022 - City Of Fort Collins Electric Utility Enterprise Board Minutes - May 3, 2022City of Fort Collins Page 1
ELECTRIC UTILITY ENTERPRISE BOARD
May 3, 2022
8:29 PM
A) CALL MEETING TO ORDER
PRESENT: Gutowsky, Pignataro, Francis, Arndt (Remote), Canonico, Peel, Ohlson
STAFF: DiMartino, Daggett, Hollingshead
B) CONSENT CALENDAR
1. Consideration and Approval of the Minutes of the April 19, 2022 Meeting. (Adopted)
The purpose of this item is to approve the minutes of the April 19, 2022 meeting.
2. Second Reading of Ordinance No. 013 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. (Adopted on Second Reading)
This Ordinance, unanimously adopted on First Reading on April 19, 2022, authorizes the Electric Utility
Enterprise to 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.
3. Second Reading of Ordinance No. 014 An Ordinance of the City of Fort Collins, Colorado,
Electric Utility Enterprise Repealing its Ordinance No. 012 and Authorizing a Loan Agreement
with U.S. Bank National Association to Provide Funding for the Epic Loan Program. (Adopted
on Second Reading)
This Ordinance, unanimously adopted on First Reading on April 5, 2022, authorizes the Electric Utility
Enterprise to 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.
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.
Board Member Pignataro made a motion, seconded by Board Member Gutowsky, to adopt and
approve all items on the Consent Agenda.
RESULT: CONSENT AGENDA ADOPTED [UNANIMOUS]
MOVER: Julie Pignataro, District 2
SECONDER: Susan Gutowsky, District 1
AYES: Gutowsky, Pignataro, Francis, Arndt, Canonico, Peel, Ohlson
City of Fort Collins Page 2
C) OTHER BUSINESS
D) ADJOURNMENT
The meeting adjourned at 8:31 PM.
______________________________
Vice-President
ATTEST:
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Secretary