IRVINE, CA- Irvine Vice Mayor and Orange County Power Authority (OCPA) Vice Chair James Mai has successfully negotiated an early repayment of the loan the City of Irvine issued to the OCPA, delivering a major financial, structural, and ratepayer win for the community.
Negotiations began immediately after the Irvine City Council took action earlier this year, directing Vice Mayor Mai to formally negotiate on behalf of the City. Acting on this mandate, the Vice Mayor secured not only full repayment with interest but also a guarantee that Irvine ratepayers will remain at the lowest tier, ensuring continued cost protection for residents. Additionally, the negotiated structure preserves Irvine’s seats and voting authority within the Joint Powers Authority (JPA) with no changes to the governing agreement, maintaining the City’s long-term oversight and representation.
Through the Vice Mayor’s leadership, the OCPA Board of Directors voted to approve the accelerated paydown of the Irvine Capital Loan. Under a repayment schedule negotiated directly by Vice Mayor Mai, the Board directed staff to expedite the first principal repayment of $250,000, along with an estimated $663,892.11 in accrued interest.
Executing an early repayment of this scale required close coordination among U.S. Bank, Chapman and Cutler LLP, OCPA staff, and the City of Irvine. After all the necessary forms and waivers were reviewed, U.S. Bank formally approved repayment on October 30. Today, the OCPA wired a total of $913,892.11 to the City of Irvine as the first installment.
Quarterly principal and interest payments will continue beginning January 2026. By January 1, 2027, total principal repayments will reach $7,652,379.70, with estimated accrued interest totaling $1,031,595.53.
At last night’s City Council meeting, this early repayment was formally announced to the public. The City Council voted unanimously to place the repayment funds into a separate account dedicated solely to being reinvested back into the community. Councilmembers agreed that these dollars will support green initiatives, programs for families in need, resources for at-risk youth, special community programming, including the City’s July 4th Celebration, and any other benefits to residents that strengthen Irvine’s quality of life.
Vice Mayor Mai emphasized that this outcome represents more than financial stewardship; it reflects a commitment to transparency, accountability, and ensuring every decision delivers real, tangible benefits to the people of Irvine.
