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Detroit Lakes council authorizes nearly $18M in electric revenue bonds for generation and substation work
Summary
The council approved a resolution to issue approximately $17.985 million in electric revenue bonds to fund a new generation unit and substation expansion (target commercial operation December 2026), with repayment from the utility's revenues and a contractual payment from Missouri River to cover a significant portion of debt service.
Detroit Lakes’ City Council authorized the issuance and sale of approximately $17.985 million in electric revenue bonds to finance a new generation unit and related substation expansion, steps staff said are necessary to replace aging generation assets and increase local generation capacity.
Scope and financing: Finance staff and public utilities staff explained the bonds will fund the new generation and substation expansion program; the new generation unit will replace the older jet turbine and increase net generation…
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