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Murray outlines plan for up to $20 million power department bond to finance critical upgrades
Summary
City staff and a financial advisor described a proposed power-revenue bond to fund substation, turbine controls and penstock work, saying the projects are needed within three years to preserve reserves and avoid emergency purchases; council set a parameters resolution for April 15.
City staff and financial advisor Matt Duggell presented a proposal to underwrite major power-department repairs and upgrades through a revenue bond. The presentation listed project needs including rebuilding a sinking central substation, upgrading turbine controls, relining a penstock and covered vehicle storage. The staff estimate discussed a planning target of about $18 million and a working bond issuance plan of roughly $19'$20 million with a maximum par amount set at…
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