1. Up to $900 Million in Bond Issuances Authorized; $500 Million Bond Ordinance Adopted The board adopted Ordinance No. 153, determining that Metropolitan’s interests require $500 million in revenue bonds to finance a portion of capital expenditures. It waived the ordinance’s full reading; the waiver required a two-thirds Board vote. Separately, the board authorized issuance of up to $600 million in Water Revenue and Refunding Bonds (2026 Series A) and up to $300 million in Variable Rate Subordinate Water Revenue Bonds (2026 Series B). The ordinance was not a third issuance authorization. Directors Katz, Miller, Erdman, Cordero, Shepard-Romey and Pakala recused themselves from the Series B vote because they owned J.P. Morgan stock.
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