Program

In August 2018, the district entered into a 3-year revolving credit agreement/Commercial Paper (CP) Program with J.P. Morgan Chase, NA, in the amount of $300 million, to support the 2015 Bond Program and subsequent 2020 Bond Program. The 2018 CP Program ended in August 2021. On July 28, 2021, the district entered into a 5-year revolving credit agreement/CP program with Bank of America, NA; this credit agreement expires on July 28, 2026. Pursuant to the Order for the 2020 CP Program, multiple series of commercial paper notes may be issued in aggregate principal amount at any one time not to exceed $300,000,000. In addition, the district utilizes an Extendible CP Program with Bank of America, NA, of up to $500 million (the extendible CP program was amended in December 2024 to increase this portion of the CP program’s availability for letting contracts from $200 million to $500 million). The total available 2020 CP Program is $800 million.