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Council hears presentation on proposed $18 million in power projects, bond parameters discussed
Summary
City staff outlined roughly $18 million in near-term power projects and bond-issuance parameters (principal cap $25M, max 30-year maturity, max 7% interest); council asked questions; no bond sale or ordinance was approved at the meeting.
City finance staff briefed the council on proposed power bonds to fund about $18 million in electric-utility projects over the next three years, including a substation rebuild, two transformers (about $4 million), equipment storage, turbine overhauls and penstock and siphon maintenance.
Brenda Moore said the council previously set parameters (principal not to exceed $25 million, likely 20-year target for affordability, maximum interest not to exceed 7 percent). "Power has approximately $18,000,000 worth of projects that need to be done within the next 3 years," Moore said, outlining project priorities and explaining that private sale is likely; callable features and early-payoff options were discussed.
Council questions focused on the specific projects and callable features; staff said a private sale would permit earlier calls but a public sale would likely include standard call protection for the first 10 years. No ordinance or financing authorization was adopted at the meeting; staff presented this as informational pending future action.
