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Loudon Council OKs $9.2 million revenue bond tranche to upgrade electrical substations
Summary
The council authorized issuance of up to $9.2 million in revenue bonds — the first tranche of a potential $50 million utility bond program — to fund substation upgrades and build a primary substation to support PPG operations in the industrial park; the utility board recommended the action unanimously.
Loudon City Council voted to authorize the issuance of revenue bonds not to exceed $9,200,000 as the first tranche of a larger utility bond program aimed at upgrading electrical substations.
Council member Cardwell explained this is the first issuance of what could be a $50 million bond program to fund substation upgrades and to build a new primary substation intended to support PPG in the industrial park. The utility board had voted unanimously to recommend the authorization to the council. Council moved, seconded and approved the resolution by voice vote.
The bond authorization directs the city’s utility finance and engineering teams to proceed with the issuance consistent with the utility board recommendation; council did not record additional amendments or attach project‑level budget details during the meeting.
Next steps: bond issuance paperwork and closing actions will follow usual municipal bond procedures; staff and the utility board will manage project execution and subsequent bond tranches if additional funding is required.
