San Bernardino header
File #: 4317   
Type: Consent Status: Passed
File created: 6/1/2021 Department: Public Works-Solid Waste Management
On agenda: 6/8/2021 Final action: 6/8/2021
Subject: Amend Standby Letter of Credit with Bank of America, N.A. for the San Gabriel Valley Water Company
Attachments: 1. ATT-PW-Waste 6-8-21 Amend Standby Letter of Credit with Bank of America for SGVWC, 2. COV-PW-Waste 6-8-21 Amend Standby Letter of Credit with Bank of America for SGVWC, 3. AGR-PW-Waste 6-8-21 Amend Standby Letter of Credit with Bank of America for SGVWC, 4. Item #64 Executed BAI
REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF THE COUNTY OF SAN BERNARDINO
AND RECORD OF ACTION

June 8, 2021

FROM
BRENDON BIGGS, Director, Department of Public Works - Solid Waste Management

SUBJECT
Title
Amend Standby Letter of Credit with Bank of America, N.A. for the San Gabriel Valley Water Company
End

RECOMMENDATION(S)
Recommendation
Approve Amendment No. 21 to the Loan Agreement between the County of San Bernardino and Bank of America, N.A. and the required Application for Amendment to Standby Letter of Credit in favor of the San Gabriel Valley Water Company, increasing the amount of the Letter of Credit by $18,900 from $849,900 to $868,800, at a cost of approximately $19,000, effective July 1, 2021 through June 30, 2022.
(Presenter: Brendon Biggs, Director, 387-7906)
Body

COUNTY AND CHIEF EXECUTIVE OFFICER GOALS & OBJECTIVES
Operate in a Fiscally-Responsible and Business-Like Manner.
Provide for the Safety, Health and Social Service Needs of County Residents.

FINANCIAL IMPACT
Approval of this item will not result in the use of Discretionary General Funding (Net County Cost) as the Department of Public Works - Solid Waste Management Division (SWMD) is funded by fee revenue. SWMD establishes fees that are charged to the public and other agencies for utilization of the County's Waste Disposal System. The Standby Letter of Credit will be amended to increase by $18,900 from $849,900 to $868,800, at a cost of approximately $19,000. Sufficient appropriation will be included in the SWMD 2021-22 recommended budget.

BACKGROUND INFORMATION
In accordance with Agreement No. 98-947 (Agreement) between the County of San Bernardino (County) and the San Gabriel Valley Water Company (SGVWC), the County is required to annually post a Standby Letter of Credit for 125% of that year's operation cost estimate to ensure payment for the operation and maintenance of the SGVWC's F-10 Plant Water Treatment Facility (F-10 Plant). The recommended actions will appro...

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