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Memphis utility officials present $250 million electric bond proposal and a package of equipment and service contracts
Summary
Senior utility executives briefed the council on a proposed 2025 electric system revenue bond not to exceed $250 million and reviewed a consent agenda of contracts and purchases including vehicle replacements, software renewals, roofing, and insurance.
Memphis Light, Gas and Water officials told the council they will ask the full council to approve 2025 electric system revenue bonds of up to $250 million and recommended several consent-agenda contracts covering construction, equipment, software and insurance.
The proposal for the electric system revenue bonds and the consent items were described at a committee meeting by Alonzo Weaver, senior vice president and chief operating officer, and a finance official who reviewed the financial and procurement measures that staff plan to bring forward.
The bond issuance is listed as a regular agenda item for the evening with an amount “not to exceed $250,000,000” for the electric division, according to Rod Klee Kimolzew (vice president/CFO/treasurer). Kimolzew said there was a related…
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