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Coachella council creates electric financing authority with IID to fast‑track substations; surcharge not set tonight
Summary
The council approved a joint powers agreement to form the Coachella Electric Financing Authority with Imperial Irrigation District to finance electric infrastructure via bonds and a surcharge collected by IID. The vote creates the authority; any surcharge and project approvals will come later with IID consent required for certain actions.
The Coachella City Council voted on March 11 to form a Coachella Electric Financing Authority in partnership with the Imperial Irrigation District (IID) to finance electric infrastructure, including potential new or upgraded substations.
"The action you have before you this evening is the creation of the Coachella Electric Financing Authority," said Brian Forbath, bond counsel, describing the JPA structure and related project and servicing agreements. Forbath emphasized that the council will serve as the…
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