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City utility leaders outline $268M bond plan, new $155M gas facility and mutual-aid ordinance coming
Summary
At the Jan. 14 council meeting Columbia City utility leadership outlined participation in a $268 million bond issuance that includes roughly $155 million for a new natural gas-fired generation facility, a plan to refund prior debt, investments in training, and a proposed mutual-aid ordinance to formalize pay and FEMA reimbursement terms.
Columbia City's electric leadership told the Common Council on Jan. 14 that the city will participate in a planned $268 million bond issuance that includes roughly $155 million intended to finance a new natural-gas-fired generation facility and about $113 million in refunding for previously issued bonds.
Sean, Columbia City's electric superintendent, said the refunding is intended to lower interest costs and that the new $155 million generating facility would reduce the city's exposure to buying expensive market power during peak demand. "We're trying to get ahead of the game here," Sean said, describing the proposed plant as a way to avoid purchasing top-of-market…
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