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Glendale council approves up to $230 million electric revenue bonds; delays and spreads July rate increase
Summary
The council authorized issuance of electric revenue bonds for Glendale Water and Power and approved a staff recommendation to defer a planned July rate increase to November and spread an 11.3% average adjustment across three years to reduce immediate customer impact.
The Glendale City Council on June 3 authorized the city to issue electric revenue bonds and approved staff’s request to defer and redistribute a planned electric rate adjustment.
At a regular meeting, council approved an ordinance authorizing the issuance of up to $230,000,000 in City of Glendale Electric Revenue Bonds, 2025 series. Staff described the bonds as the third tranche in a financing plan for electric system projects, including work at the Grayson Power Plant.
Council discussion and vote
City staff said the bonds would be issued payable from the Electric Works revenue fund and that the accompanying resolution would invite bids and finalize financing documents.…
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