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Council puts up to $25 million electric revenue bond question on Oct. 6 ballot
Summary
Council approved a resolution to submit a ballot proposition asking voters whether the city may issue up to $25 million in electric revenue obligations for substations, generators and other electric facilities; staff noted bond authority does not obligate issuance.
The Ketchikan City Council voted to place a proposition on the Oct. 6 ballot asking whether the city should be authorized to issue electric revenue obligations in an amount not to exceed $25,000,000 to finance a set of electric utility projects. Council's approval authorizes the question to be presented to qualified city voters at the regular municipal election; actual issuance of bonds would be a separate future decision requiring council action.
The resolution lists candidate projects to be financed if bonds are issued, including Bailey Generator, Port West Substation, Bailey Substation, Mountain Point Substation, the Electric Division Service Center, and Ward Cove Substation. Staff emphasized the bond authorization provides flexibility for future capital needs while normal capital planning and grant pursuit will continue before any borrowing. Council approved the resolution by roll call.
