Mayor Bach signed Utilities line of credit documents today
Thursday, February 02, 2012
In his role as Chief Executive Officer of the City of Colorado Springs, Mayor Steve Bach has signed revised documents for Colorado Springs Utilities’ lines of credit. The Mayor requested a review of the lines of credit, while also asking that the process be competitively bid. After consultation with Colorado Springs Utilities’ management as well as a legal review and amendments, the Mayor was willing to sign the documents.
“This was a business decision made by the City Council in its capacity as the Utilities Board. I signed the documents after the language in the documents was changed to ensure that The City of Colorado Springs has no contingent liability for this indebtedness,” said Mayor Bach.
Today the documents signed renewed a $50 million line of credit and created a new $25 million line of credit. With two previous $25 million lines of credit, this brings the total line of credit for Colorado Springs Utilities to $125 million.