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Council authorizes parameters resolution to pursue up to $25M in electric revenue bonds for power-system upgrades
Summary
Council adopted a parameters resolution authorizing staff to pursue up to $25 million in electric revenue bonds (staff aim for ~ $19M) to fund transformers, substation work, turbine rebuilds, penstock relining and covered vehicle storage; staff said likely coupon pricing would be lower than the legal maximum and that private placement or market sale options will be evaluated.
Council considered and adopted a parameters resolution to authorize issuance and sale of not more than $25,000,000 aggregate principal amount of electric revenue bonds (Series 2025) to fund critical power-system capital projects.
Finance staff explained the main capital needs: replacement transformers, a reconstructed central substation to accept larger transformers, turbine rebuilds currently under contract, penstock relining for the Sandy Siphon, and a covered vehicle-inventory…
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