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Commercial Paper - CP
Tax-Exempt Series B CP Notes - Not to exceed $100,000,000
Taxable Series C CP Notes - Not to exceed $50,000,000
Amount Currently Outstanding (total): $29,200,000 (as of September 2023)
Tax-Exempt Series B CP Notes Amount Outstanding: $0
Taxable Series C CP Notes Amount Outstanding: $29,200,000
Description/Purpose: These notes issued are considered subordinate debt under the Master Indenture of Trust. DC Water’s commercial paper is issued in increments with maturities less than 270 days. The Board approved the commercial paper program in early FY 2002; proceeds from the sale of the notes are used for interim bond financing, short-term financing for capital equipment and certain taxable costs for the Washington Aqueduct. Each new bond issuance is evaluated to determine the most cost-effective way of reducing the amount of taxable commercial paper. Normal market conditions for commercial paper carry significantly lower interest rates than long-term debt. Two series of notes have been issued under the commercial paper program: the tax-exempt Series B CP Notes in an aggregate principal amount not to exceed $100,000, and the taxable Series C CP Notes in an aggregate principal amount not to exceed $50,000.
Dealer: JP Morgan Chase Bank
Issuing Paying Agent: US Bank
Extendable Municipal Commercial Paper – EMCP
Series A Notes - Not to exceed $100,000,000
Amount Currently Outstanding: $50,000,000 (as of September 2023)
Description/Purpose: The Authority has also authorized a $100 million Extendable Municipal Commercial Paper (EMCP) Program. The program consists of one series - A, in the amount of $100 million. This program will provide interim financing for a portion of the Authority's Capital Improvement Program. Under this program the notes are issued backed by the liquidity and credit rating of the Authority. Each Series A EMCP Note will mature on its respective "Original Maturity Date", which may range from one to 90 days from the date of issuance, unless its maturity is extended on the "Original Maturity Date" to the "Extended Maturity Date", which will be the date that is 270 days after the date of issuance of the Series A EMCP Note. The notes are payable from and secured by a subordinate lien on the Authority's net revenues, as further described in the Authority's master trust indenture as supplemented.
Dealer: Goldman Sachs & Co.