Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Norwich council authorizes $150 million in electric revenue bonds to fund utility upgrades
Summary
The Norwich City Council unanimously approved an ordinance allowing Norwich Public Utilities to issue $150 million in revenue bonds, secured solely by electric revenues, to finance substations, transmission upgrades and other electric infrastructure improvements.
The Norwich City Council voted 7-0 on Sept. 15 to adopt an ordinance authorizing Norwich Public Utilities (NPU) to issue up to $150 million in tax-exempt revenue bonds, to be repaid solely from electric revenue, to fund a package of electric infrastructure projects.
NPU General Manager Chris LaRose said the borrowing will allow the utility to phase large capital projects over time rather than rely on annual capital budgets, reducing short-term rate volatility. “Paying for important projects over time rather than through annual expenditures from our capital budgets will significantly reduce the short term impact on rates and reduce rate volatility,” LaRose said.
The bond program is intended to finance multiple upgrades, LaRose said, including relocating the Bean Hill substation out of the Yantic River floodway, repairs and upgrades to the Tenth Street and Dudley substations and their…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
