Southern California Public Power Authority

The Finance Committee meeting agenda included several key items for discussion and potential recommendation to the Board of Directors. Topics covered included the fiscal year 2026-27 budget timeline and consideration of a proposed pension funding amount for the 2026-27 budget. Furthermore, the committee was set to receive updates on the proposed financing for renewable energy prepayments, including geothermal energy, and the financing plan for the fourth tranche of revenue bonds for the Southern Transmission System (STS) Renewal Project. Updates were also scheduled for the liquidity facility for the Linden Wind Energy Project revenue bonds, and the refinancing of the Mead-Adelanto and Mead-Phoenix Project Revenue Bonds. Finally, the committee planned to review unsolicited proposals from investment bankers and receive a market and Variable Rate Demand Obligation (VRDO) update.

The Board of Directors meeting agenda included several key items. Discussions covered public comment opportunities, the Executive Director's report on recent Authority activities, and a Consent Calendar featuring the approval of January 15, 2026, Regular Meeting Minutes and receiving/filing several committee reports and operational updates, including Finance, Investment, and Project status reports for December 2025/January 2026. Major actions involved the Chief Financial & Administrative Officer Report, which included resolutions authorizing amendments related to Magnolia Power Project A Refunding Revenue Bonds and authorizing documents for the issuance of Southern Transmission System Renewal Project Revenue Bonds. The Board also addressed resolutions related to awarding Professional Services Agreements for Municipal Advisory and Swap Advisory Services. The Program Development Report included a resolution to award a Master Goods and Services Agreement with Arbor Day Foundation for an energy efficiency program. The Government Affairs Report featured a resolution approving the annual update to Guiding Policy Principles, alongside updates on state regulatory and legislative activities and advocacy events. The meeting concluded with Board Officer elections and appointments, resulting in Ms. Samra being elected as the new Board President.

The meeting addressed several key financial and project matters. Finance actions included recommending approval for the execution of amendments related to the Magnolia Power Project A Refunding Revenue Bonds liquidity facility, extending the Standby Bond Purchase Agreement. Additionally, approval was recommended for the preparation of financing documents for the fourth tranche of the Southern Transmission System (STS) Renewal Project Revenue Bonds. Significant progress was noted on the Mead-Adelanto Project (MAP) & Mead-Phoenix Project (MPP) bond refunding, with competitive sale results showing a total cash flow savings of $1.26 million. The Board was recommended to award professional services agreements to PFM Financial Advisors LLC and PFM Swap Advisors LLC for municipal advisory services. Finally, the meeting included recommendations for awarding the Shade Tree Energy Efficiency Program RFP to Arbor Day Foundation and approving the annual update to the Authority's Guiding Policy Principles for Legislative and Regulatory Activities. Regulatory and legislative updates covered CARB's Cap-and-Invest program, the SB 254 Wildfire Liability Reform Report, and strategy discussions following Capitol Day and the Federal Rally/SCPPA Fly-in.

The Board of Directors meeting agenda covered several items. The meeting commenced with an opportunity for public comment on agenda items. Key discussion points included the Executive Director's report on Authority activities. The Consent Calendar featured routine items, including the approval of the December 18, 2025, Regular Meeting Minutes, and the receipt and filing of various committee minutes, investment reports, and operational reports from November and December 2025, as well as the January 2026 Working Group Update. Resolutions were proposed to authorize amendments to the Master Professional Services Agreement with EnergyX Solutions Inc. to extend the term and to update the Working Group Participation Agreement with Moreno Valley concerning payment schedules. A major focus under the Chief Financial & Administrative Officer Report was the refinancing of Revenue Bonds for the Mead-Adelanto Project and the Mead-Phoenix Project, requiring authorization for the issuance of Refunding Bonds (2026 Series A). Asset Management addressed the FY 2025-26 Q1 Budget-to-Actual Variance Report. The Government Affairs Report included updates on state and federal legislative/regulatory activities concerning clean fleets, Cap-and-Invest, and wildfire mitigation, alongside a resolution to continue participation in the California Electric Transportation Coalition for three years. The agenda concluded with Board Officer Elections/Appointments and Board Member Comments.

The Finance Committee meeting involved several key considerations and updates. The committee planned to recommend several documents and reports to the Board of Directors for receipt and filing, including the Minutes of the December 8, 2025 Finance Committee meeting, the Investment Report for the month ended November 30, 2025, and the Administrative & General Expense (A&G) Budget Comparison Report for the month ended November 30, 2025. The committee was scheduled to review the Financial Statements and Project Budget Comparison Report for the quarter ended September 30, 2025. Specific business included receiving updates on replacement liquidity facilities for the Magnolia Power Project A Refunding Revenue Bonds, 2020-3, and on the potential refinancing of the Mead-Adelanto Project and Mead-Phoenix Project Revenue Bonds, for which resolutions authorizing refunding revenue bonds were to be considered for recommendation to the Board. Updates were also planned for proposed financing related to renewable energy prepayments and geothermal energy prepayments. Furthermore, the committee received a market and Variable Rate Demand Obligation (VRDO) status report, reviewed unsolicited proposals from investment bankers, and held an election for the 2026 and 2027 Committee Chair and Vice-Chair, resulting in Joseph Lillio and Lynne Chaimowitz being elected, respectively. Finally, a recommendation was approved to hold the next meeting on January 12, 2026, instead of January 5, 2026.