Pella Chronicle

Local News

December 31, 2013

City Council holds final meeting of 2013

Pella —

The Pella City Council held its last regular meeting of 2013 on Dec. 17. First on the agenda was discussion and a public hearing regarding Electric Revenue Capital Loan Notes.
A resolution was approved following the public hearing that institutes proceedings to take additional action for the authorization of a loan agreement and the issuance of not to exceed $4,000,000 Electric Revenue Capital Loan Notes and approves electronic bidding procedures and the official statement. The proceeds from the Notes will be used to provide funds to pay the costs of improvement and extensions to the municipal electric utility. This includes demolition of the existing power plant, acquisition and installation of control systems upgrade for the diesel plant, conversion of a portion of the electrical overhead distribution system to an underground distribution system, construction of the underground distribution system, and related site improvements. 
The City, in conjunction with our Financial Advisor, Public Financial Management, Inc., has prepared a preliminary Official Statement outlining the details of the proposed sale of the Notes. Subject to revisions from bond counsel, Ahlers & Cooney, and Public Financial Management, Inc., this Official Statement will be distributed in connection with the offering of the Notes for sale. 
The bidding for the Notes is scheduled for January 7, 2014. The terms of the sale include language to permit the use of electronic bidding. Per Iowa Code, Council needs to approve that the recommended procedure for bidding will provide reasonable security and maintain the integrity of the competitive bidding process and facilitate the delivery of bids by interested parties. 
While the bond issue limit is listed as not to exceed $4.0 million, the proposed Electric Revenue Notes will be for $3.5 million with a ten year term to assist in funding for the following:
-Power Plant Deconstruction Project $2,354,000 
-Southeast Electrical Underground Conversion Project $571,000 
-Diesel Plant Control System Upgrade $575,000 

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