FINANCIAL_SERVICESPENDING

Montecito Water District Eyes $10M RLOC with ARB for ASADRA Project

The Montecito Water District Board is considering negotiating a $10 million revolving line of credit with American Riviera Bank to manage cash flow between construction expenditures and delayed state reimbursements for the ASADRA reservoir project, with estimated five-year interest expense of $575,000. The Board will direct staff to bring finalized terms to a future meeting.

Document date · February 24, 2026

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WithersRavenel logo
Derivita logo
Comcate logo
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Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
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Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
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Scope & details

The full contract record, as filed.

Contract amount
Up to $10,000,000, estimated interest ~$575,000 over 5 years, $25,000 loan fee, $500 doc fee, $5,000 deposit
Contract type
FINANCIAL_SERVICES
Contract term
May 2026 – March 2031 (estimated); Revolving Line of Credit aligned with ASADRA funding agreement
Renewal date
2031-03-31
Renewal
Initial proposal; term aligns with ASADRA state funding agreement (estimated March 2031 end). RLOC draws and repayments as needed; not auto-renewing. No undrawn fee; loan fee and deposit required at start.
Document type
Agenda
Source document
Montecito Water District Board Meeting Agenda February 2026

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by Montecito Water District?

American Riviera Bank was awarded this financial services contract by Montecito Water District, as recorded on February 24, 2026. The contract value is Up to $10,000,000, estimated interest ~$575,000 over 5 years, $25,000 loan fee, $500 doc fee, $5,000 deposit.

How much is the American Riviera Bank contract with Montecito Water District worth?

The American Riviera Bank contract with Montecito Water District is valued at Up to $10,000,000, estimated interest ~$575,000 over 5 years, $25,000 loan fee, $500 doc fee, $5,000 deposit, covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a agenda record, structured as a not-to-exceed (ceiling) agreement.

Where was this contract approved?

This contract appears in Montecito Water District Board Meeting Agenda February 2026 (Agenda), dated February 24, 2026 from Montecito Water District. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does American Riviera Bank hold?

American Riviera Bank may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

View American Riviera Bank's profile

What is Montecito Water District currently buying?

Explore Montecito Water District's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

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