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Indio Electric Finance Authority raises customer surcharge to meet bond covenant
Summary
The Indio Electric Finance Authority approved an increase to the utility surcharge after staff and consultants reported that earlier account estimates left revenues short of the level needed to meet bond covenants. The council voted unanimously to adopt Resolution 2025-1.
The Indio Electric Finance Authority on Jan. 15 approved an increase to the electric-service surcharge after finding earlier account estimates overstated the number of customer meters inside city boundaries.
City staff and outside counsel told the council that initial meter and kilowatt-hour estimates used when the authority issued about $59 million in bonds were later found to include accounts outside the city. Because those accounts did not receive the surcharge, revenue collections were lower than anticipated and might not meet the rate covenant the bond documents require.
City Manager Montgomery…
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