HomeMy WebLinkAbout13, Consideration of Signing Documents for UAMPS Bond Issuance
ACTION ITEM #13with UAMPSProject Bond Issuance Documents for the Payson Power Signing with UAMPSProject Bond Issuance Documents for the Payson Power Signing , 20196November
Consideration of free-Maturity date is April 1, 2025 when the Project will become debt•2012with bonds in Refinanced •2005Project was originally financed by a bond issuance in The •District
has a 3.6765% entitlement share (5 MW)•membersOwned by UAMPS •Utahfacility in Payson City, fired generating -Power Station, a 140 MW combined cycle gasNebo •2009Payson Power Project
(the Project) on December 1, approved a Power Sales Agreement with UAMPS for the Board •BACKGROUND / HISTORY Signing Bond Issuance DocumentsConsideration of Signing Bond Issuance Documents
Consideration of Signing Bond Issuance Documents Future Red Mesa Solar Project•ProjectPleasant Valley Wind •ProjectHorse Butte Wind •renewable resourcesfrom to the intermittent nature
of generation Backup or firm resource •hoursdemand generation source during high load -Flexible on•resourcesother power supply is an excellent fit with, and complement to, the District’s
The Project •BACKGROUND / HISTORY Consideration of Signing Bond Issuance Documents
NEW INFORMATION datefor all UAMPS members after this free -debtProject becomes The •2025date for the Bonds remains unchanged at April 1, aturity M•periodwill save approximately $200,000
over this District •yearscash flow savings for UAMPS is $5.5M over the next 5.5 Total •savingsdebt service 2019 Bonds will refund the bonds issued in 2012 and achieve Series •)the Series
2019 Bonds(Payson Power Project Refunding Revenue Bonds, Series 2019 •ratesof very low interest UAMPS has been pursuing bond refinance options to take advantage •Consideration of Signing
Bond Issuance DocumentsConsideration of Signing Bond Issuance Documents
NEW INFORMATION changeshas approved and incorporated the UAMPS •UAMPShas reviewed the documents and provided input to District counsel •BondsDistrict participation in the Series 2019
is required for pinion OLegal and ertificate Cown D-A new Bring•2009in Contract original execution of the the certificates and opinions that were delivered at the Reconfirm •closingfrom
all Project participants for the bond down" certificates and legal opinions -must receive "bringUAMPS •Consideration of Signing Bond Issuance DocumentsConsideration of Signing Bond
Issuance Documents
FISCAL IMPACT datethis free after -debtbecomes Project •April 1, 2025is the Bonds for date aturity M•periodsave approximately $200,000 over this District will •years5.5 cash flow savings
for UAMPS members is $5.5M over the next otal T•ratesmembers due to lower interest debt service savings for UAMPS achieves The Series 2019 Bonds •Consideration of Signing Bond Issuance
DocumentsConsideration of Signing Bond Issuance Documents
RECOMMENDATION UAMPSwith Payson Power Project Refunding Revenue Bonds, Series 2019, Authorize the General Counsel to execute a Legal Opinion for the 2.UAMPSRevenue Bonds, Series 2019,
with Down Certificate for the Payson Power Project Refunding -Bringand authorize the President of the Board to execute the Approve 1.Consideration of Signing Bond Issuance DocumentsConsideration
of Signing Bond Issuance Documents