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Edmond Electric seeks debt authorization for downtown feeder upgrades and substations; city approves bond authorization
Summary
The council authorized the Edmond Public Works Authority to issue up to $22 million in revenue bonds backing planned electric projects, including downtown feeder upgrades, a new Coffee Creek substation, Garber Substation expansion and design funding for a new North Timbers facility; utility director said no base-rate increase is expected for this issuance.
The Edmond Public Works Authority and city council on Aug. 26 authorized issuance of sales-tax and utility-system revenue bonds in an aggregate principal amount not to exceed $22 million to fund a first wave of Edmond Electric projects.
Glenn Fisher, director of Edmond Electric, told the council the utility has historically cash-funded capital work but that the five-year project list now exceeds the department's cash capacity. He outlined the initial priorities: constructing downtown mainline feeders and beginning a long-term (15–20 year) program to transition some overhead downtown overhead…
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