Speaker 0: Item. Next item is. Item 21.
Speaker 2: Please.
Speaker 0: Can you read the item, Madam Clerk? I'm sorry, but through the item to.
Speaker 3: Report from Financial Management and water recommendation to adopt a resolution authorizing the execution of a revolving line of credit with JPMorgan Chase Bank by the Board of Water Commissioners on behalf of the City of Long Beach in an amount not to exceed 60 million citywide.
Speaker 0: Okay. I have emotion by customer anger and a second by councilman's on behalf. Unless there's any objection, I'll take that by unanimous consent. Oh, I'm sorry. I believe I have a question. Bye bye. Councilwoman Pryce.
Speaker 2: Mr. Mayor, I just. I did have a question for staff as to why. Why Chase?
Speaker 0: Thank you very much for that question. This is David Nakamoto, city treasurer. We conducted an RFQ to identify potential business partners for this product, and we only received two responses out of a pool of nine major banks. Chief was the most advantageous as far as pricing and flexibility in terms. Therefore, we recommend them. Thank you. I also have a question by Councilman Mongo.
Speaker 2: It is important to recognize that. I guess next up are each of the three vendors for the borrowing that we're doing over 30 and the borrowing that the water department is doing. Stuff that I noticed that there are is.
Speaker 0: I. This is David Nakamoto, city treasurer, again. Could you repeat the question?
Speaker 2: Did you say that there are two items on the agenda tonight that request the opportunity to set up a structure where we might be able to borrow money should it be necessary? Are the banks? Is it the same banks or both? And did they have the same process or two different processes?
Speaker 0: Thank you very much for that. What we did was combine the two and put both of both deals of all out in that RFQ and ask for independent quotes. Got it.
Speaker 2: Thank you. That's very helpful. And I appreciate that. That makes it a more competitive process.
Speaker 0: I think you better do a better job in your strategy.
Speaker 2: Thanks so.
Speaker 0: Much. Thank you. Thank you. That concludes the questions for this item. So please do actually, I'll just ask unanimous consent must have any objection and the the 21. Okay. Madam Court, can you please read item 22?
Recommendation to adopt resolution authorizing the execution of a Revolving Line of Credit with JPMorgan Chase Bank, N.A., by the Board of Water Commissioners, on behalf of the City of Long Beach, in an amount not to exceed $60,000,000, for a maximum term of three years, with the option to extend for an additional two-year periods, secured and payable solely from Long Beach Water Department revenues in the Water Fund Group, and authorize the execution of all necessary documents in connection therewith.  (Citywide)