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Council declares intent to allow utilities commission to issue bonds for new WES generation project
Summary
The council approved a resolution declaring the city's intent to exercise municipal power agency powers so New Prague Utilities Commission can pursue bonding for the West Substation (WES) generation project; council passed the resolution unanimously and staff said bonding would likely occur late 2026 or 2027.
Council member Bruce Reimers presented a resolution declaring the city's intent to exercise powers available to a municipal power agency so the New Prague Utilities Commission can issue bonds to finance construction of a new generation facility at the West Substation (WES).
Reimers said the project is a joint opportunity with the wholesale power provider and is intended to meet local capacity needs while providing generation capacity to the grid under a 20-year capacity contract. He told the council the city is working with municipal advisors (Ehlers) and bond counsel to prepare for bonding and estimated bonding would likely occur in late 2026 or 2027.
The resolution (CC-26-02-17-03) declares the city's intent under referenced state sections and authorizes publishing required notices. Staff recommended approval and the council approved the resolution 4-0.
What happens next: staff will continue to prepare bonding documents with advisors and bond counsel and, if timing allows, present bond authorization and sale documents for council action later this year or next.
