Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Electric Utility topic
No spam. Unsubscribe anytime.
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 systems to underground front-lot feeders; building a new Coffee Creek substation to add capacity for downtown and surrounding loads; expanding Garber Substation to serve a large new water-treatment load; design work for a new North Timbers operations facility; targeted circuit upgrades (including circuit 2124); and roughly $2 million for solar installations and grant programs.
"No rate increases with this bond issue," Fisher said, emphasizing that the debt service is expected to be covered within the utility's existing revenue stream if projects remain within budget. He added that fuel cost adjustments, which fluctuate with wholesale power in the SPP market, are separate from base-rate revenue.
Council members pressed staff on downtown coordination with developers and on whether design funding might include workspace needs for other departments. Fisher urged developers to talk to utilities early in the site-plan process and confirmed that the design authorization being approved is to fund the design phase; future contract awards would return to council.
The council moved, seconded and approved the bond authorization. Staff said the authority will designate underwriters, approve bond purchase documentation and proceed to solicitation of bond insurance or reserve surety as needed.
Context
Officials said the downtown feeder work is the opening phase of a long-term program to add capacity and resiliency as downtown development increases density and demand. The Coffee Creek substation site is adjacent to OG&E transmission and is intended to provide additional capacity for the downtown area and other growth corridors.
Next steps
The PWA will proceed with the bond-sale process, finalize documentation and return to council as required for subsequent approvals and contract awards.
