PUD prepares to issue about $100 million in bonds
Bonds sold to pay for improvements to Priest Rapids Dam, pay off old bonds
EPHRATA — The Grant County Public Utility District commissioners on Monday voted to approve the preliminary official statement for the proposed Priest Rapids Hydroelectric Development Revenue and Refunding bond issue.
The PUD plans to sell approximately $100 million in bonds on Dec. 1 of this year to pay for $35 million worth of capital improvements at Priest Rapids Dam and refund about $70 million worth of older outstanding bonds, commission president Bill Bjork said.
The official financial statement is nearly complete and ready to be sent out to prospective buyers except for information dependent upon the pricing of bonds and the completion of the purchase contract. PUD officials expect to complete pricing in late November and issue the bonds, dependent on bond market conditions, in early December. The sales are scheduled to be closed on Dec. 13.
Bjork said the staff has been working on the bond issue for about two months and have done a good job of preparing for the sale.
The PUD's general manager and treasurer-controller are now authorized to approve a final statement prospective on behalf of the district.
In other routine business:
? The commissioners voted to approve a motion extending a license fee and maintenance agreement for software used in the PUD's customer information and billing system. An annual fee of $56,000 will be paid to Oracle of Redwood Shores, Calif.
? A motion was approved by the commissioners to execute a professional services agreement for network monitoring software with SingleStep Technologies of Seattle. The $87,595 payment to the Seattle firm to purchase and install the software includes five years of maintenance at $7,290 per year. The monitoring software will reduce off hour commitments by PUD staff.
? The PUD renewed for the next two years an office space rental agreement with the U.S. Bureau of Reclamation in Ephrata. The PUD leases approximately 2,346 square feet of office space for use by PUD employees. An increase in the current rate of $1,218 per month will not exceed $1,600 per month in the new agreement.