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Tacoma Power seeks up to $325 million in 2025 bond financing; committee forwards plan to council
Summary
Tacoma Power presented a financing plan to issue up to $325 million in bonds, including $135 million in new-money bonds and a contingent refunding of up to $190 million, and the Government Performance & Finance Committee voted to forward the proposal to the City Council for final approval.
Tacoma Power told the City of Tacoma’s Government Performance & Finance Committee on April 1 that it plans to issue up to $325 million in bonds in 2025 to finance capital projects and to refinance older debt.
"We are requesting to issue around $135,000,000 in new-money bonds to finance our capital needs of the utility and up to $190,000,000 in refunding bonds if there is a savings," said Michelle Brown, financial planning manager for Tacoma Power. She told the committee the refunding portion is contingent on market conditions at pricing day.
The proposal calls for three main elements: issuing roughly $135 million of new-money bonds to fund planned capital projects; up to $190 million of refunding bonds if pricing produces savings, for a combined authorization of up to $325 million; and redeeming the city’s 2010 Clean…
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