FINANCIAL_SERVICESPENDING

City of Ukiah Agenda 2026-06-03

Ukiah Seeks Renewal of $10M TRAN with Umpqua Bank

Not to exceed $10,000,000; variable interest at Federal Funds Rate + 1.50% (4.00% minimum, 10.00% maximum); expected annual bank counsel cost approximately $12,500; annual loan fee of $25,000 waivedCity of UkiahUMPQUA BANKJune 3, 2026

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Description

The City of Ukiah plans to renew a revolving Tax and Revenue Anticipation Note with Umpqua Bank for up to $10 million in FY 2026‑27. The short-term credit line will support cash flow for major infrastructure and grant-funded projects, with interest tied to the Federal Funds Rate and final maturity by June 30, 2027.

Contract Details

Contract Amount

Not to exceed $10,000,000; variable interest at Federal Funds Rate + 1.50% (4.00% minimum, 10.00% maximum); expected annual bank counsel cost approximately $12,500; annual loan fee of $25,000 waived

Vendor

UMPQUA BANK

Agency

City of Ukiah, CA

Contract Type

FINANCIAL_SERVICES

Document Date

June 3, 2026

Contract Term

Fiscal Year 2026-27, with final maturity no later than June 30, 2027

Renewal Date

2027-06-30

Renewal Info

Renewal of the FY 2025‑26 TRAN facility with Umpqua Bank for FY 2026‑27, structured as a revolving line of credit up to $10 million, with option for future annual renewals subject to new Council resolutions and Note Purchase Agreements.