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Redding approves $65 million utility bond to fund electric infrastructure upgrades
Summary
City council and the Redding Joint Powers Financing Authority approved issuing up to $70 million in revenue bonds (target $65 million) to finance roughly $65 million of investments in the municipal electric utility(REU), citing aging equipment, wildfire risk mitigation and the need to restore reserves.
Redding city leaders on March 18 approved a financing package to issue revenue bonds aimed at modernizing the municipal electric system, replenishing reserves and funding wildfire-mitigation and distribution upgrades.
The Redding Joint Powers Financing Authority (RJ PFA) and the Redding City Council each voted 5-0 to authorize the issuance; the staff recommendation set a $70 million not-to-exceed authorization with a financing target of about $65 million. Assistant Electric Director Joe Bowers told the board that the utility identified roughly $65 million in near-term capital needs including substation…
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