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Commission authorizes borrowing for replacement digger derrick, staff cites $203,653 cost
Summary
The commission approved a resolution to borrow for a newly delivered replacement digger derrick; staff said the borrowing would likely be for five years and the expected amount is about $203,653, and the equipment was accounted for in a prior rate study.
Staff explained the replacement digger derrick had been delivered to Power & Light after an extended build-out and that the equipment purchase was included in a prior rate study. The commission was asked to authorize borrowing to pay for the unit; staff indicated the likely loan term would be five years and cited a cost "for, like, $203,653."
Commissioners moved and seconded the resolution to authorize bonding/borrowing for the equipment and a roll-call vote recorded ayes, approving the action. Staff said the annual rates will create revenue sufficient to pay the borrowing costs per the earlier rate study.
