Summary
PICA adopted Resolution No. 2021-08, approving the termination of two basis cap transactions previously entered into with JP Morgan Chase Bank in connection with PICA-issued bonds. These financial agreements, originally designed to manage interest rate exposure, were evaluated by Phoenix Capital Partners, which determined that terminating them would be beneficial. The resolution ensures that PICA receives a fair market value termination payment and mitigates any potential financial risk. The Chairperson and Executive Director were authorized to finalize and execute the termination process. This resolution takes effect immediately, allowing PICA to optimize its financial management strategy​.