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Tennessee board orders Ocoee utility to produce CIP, alternatives before debt moves forward
Summary
After detailed staff warnings about a $62.5 million financing plan, the Tennessee Board of Utility Regulation ordered Ocoee Utility District to supply a full capital improvement plan and at least two financing/implementation alternatives before any bonds or grant matches proceed.
The Tennessee Board of Utility Regulation on June 26 directed Ocoee Utility District to pause any bond or grant actions until the district submits a detailed capital improvement plan (CIP) and at least two financing alternatives, after staff warned the board the utilityis pursuing borrowing that could sharply increase customer rates. The board accepted staffrecommendations and added a requirement that the district provide the CIP and alternatives for review before any debt proceeds or matching grants move forward.
Board staff flagged gaps between the district's engineering capital list and the rate studies presented to the board. Ross Colonna, the board's executive staff, told members an earlier study looked at roughly $51 million of projects while the districtwas seeking about $62.5 million in combined SRF and USDA financing and…
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