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TLDA defers decision on Columbia's proposed $315M WIFIA loan after members seek more regional input
Summary
After lengthy debate about the timing, regional input, and potential rate impacts of Columbia's proposed $315 million WIFIA loan, the TLDA moved to defer the WIFIA parity request until the next meeting so the board can consider the Duck River Watershed Planning Partnership's recommendations. The motion to defer passed by voice vote.
TLDA deferred consideration of Columbia’s request to issue up to $315,000,000 in WIFIA debt on parity with SRF loans after extended discussion between board members, state staff, Columbia representatives and regional partners.
Staff described the proposed intake and raw-water conveyance (up to 32 million gpd) and said Columbia requested parity so SRF funds and WIFIA could operate together in the financing stack. Commissioners and the treasurer raised concerns about the large capital stack, the need for formal public hearings in areas outside the utility’s jurisdiction, and whether the Duck River Watershed Planning Partnership’s pending recommendation should be available before taking the action. Treasurer Lillard advised the board that while TLDA usually grants parity, the scope and community concern here warranted careful consideration. Jeff Oldham, counsel for Columbia Power and Water System, said WIFIA closing is tentatively scheduled for early September and that timing could be uncertain if the federal government required additional approvals. Columbia representatives said parity would allow the utility to capture roughly $50 million in lower interest costs for ratepayers.
Comptroller Mumpower moved to defer the WIFIA parity request until the TLDA’s next meeting (anticipated for late August) to allow the Duck River Watershed Planning Partnership time to finalize an affirmation or recommendation; the treasurer seconded the motion and the board voted to defer the item by voice vote.
