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Redding approves up-to-$70 million bonds to fund electric utility upgrades
Summary
After a joint public hearing, the Redding Joint Powers Financing Authority and the Redding City Council approved issuing installment sale bonds to fund roughly $65 million in upgrades to the city's electric utility over the next several years, replenishing reserves and spreading costs across ratepayers.
The Redding Joint Powers Financing Authority and the Redding City Council on Tuesday approved issuing installment-sale bonds of up to $70 million to finance roughly $65 million in planned electric-system upgrades, including distribution replacements, substation work and power-plant maintenance.
The votes followed a joint public hearing and a presentation by Joe Bowers, assistant electric director, who described the work as part of a strategic plan to “maintain reliability” and mitigate wildfire risk. Bowers told the board the city had spent reserves to begin the work and would use the bond proceeds to “immediately reimburse ourselves, bring our reserves back up to a healthy level.”
The projects cited include replacement of aging underground and overhead distribution lines, substation improvements, building and security upgrades and major maintenance at the city’s power plant. Bowers said the utility has identified…
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