KXO RADIO - Imperial Irrigation District Directors agree to sell millions of dollars in bonds

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Imperial Irrigation District Directors agree to sell millions of dollars in bonds

Todays is : Thursday, 20 November 2008

Written by George Gale
Tuesday, 08 July 2008
(Imperial Irrigation District Board of Directors agree to incur a quarter of a billion dollars indebtedness)….At their meeting Tuesday the Board unanimously agreed to issue $250 million of electric system refunding revenue bonds. IID Chief Financial Officer Bob Vodzack said the bonds would be sold July 27-28, if the prices meet expectations. He told the Board anything over 5% would not be acceptable. The bond money would be used to pay off the remaining $47 million in 1998 bonds, pay off the new Niland plant, the El Centro station upgrades and other expenses. Vodzack said there would be between $7-$8 million left over. The C F O said if they could get a 4.7% interest rate, the pay-off would be very affordable. San Francisco Bond Counsel Bill Doyle told the Directors the amount was not excessive, considering the District’s very favorable bond rating of double A minus. He said the rating was as good or better than many larger utilities. Doctor Brian Brady, IID General Manager, said the District debt was much lower than comparable utility providers.