20080107_2139.pdf

DECISION MEMORANDUM
TO:COMMISSIONER REDFORD
COMMISSIONER SMITH
COMMISSIONER KEMPTON
COMMISSION SECRETARY
LEG AL
WORKING FILE
FROM:TERRI CARLOCK
DATE:JANUARY 3, 2008
RE:IDAHO POWER COMPANY'S REQUEST TO ISSUE AND SELL UP TO
$350 MILLION SHELF AUTHORITY FOR FIRST MORTGAGE BONDS
AND DEBT SECURITIES - CASE NO. IPC-07-19.
On December 13 2007, Idaho Power Company filed an Application requesting authority
to issue and sell from time to time (a) up to $350 000 000 aggregate principal amount of one or
more series of First Mortgage Bonds, which may be designated as secured medium-term notes
(b) up to $350 000 000 aggregate principal amount of one or more series of unsecured debt
securities. The total outstanding combined principal amount of the Bonds and the principal
amount of the Debt Securities to be issued and sold shall not exceed $350 000 000.
A shelf registration allows a company to take advantage of attractive market conditions
efficiently and rapidly. This shelf registration is requested for a two-year period. It is the same
format as that completely issued as authorized from Case Nos. IPC-04-22 and IPC-06-
Order Nos. 29621 and 30191.
The Bonds will be issued pursuant to one or more supplemental indentures to the
Mortgage and will be secured equally with the other First Mortgage Bonds of Idaho Power.
Interest rate hedging arrangements with respect to the Bonds, may be entered by Idaho Power
including treasury interest rate locks, treasury interest rate caps and/or treasury interest rate
collars.
The Bonds and/or Debt Securities may be sold by public sale or private placement
directly by Idaho Power or through agents designated from time to time or through underwriters
or dealers. The type and terms of issuance will be determined at the time of issuance. Any
DECISION MEMORANDUM JANUARY 3 , 2008
required Prospectuses will be filed prior to issuance. If any agents or any underwriters are
involved in the sale of the Bonds and/or Debt Securities, the names of such agents or
underwriters, the initial price to the public (if applicable), any applicable commissions or
discounts, and the net proceeds to the Applicant will be filed by the Applicant with the
Commission. If the Bonds are designated as medium-term notes and sold to an agent or agents
as principal, the names of the agents, the price paid by the agents, any applicable commission or
discount paid by the Applicant to the agents and the net proceeds to the Applicant will be filed
with the Commission. Idaho Power will file by letter seven days or as soon as possible prior to
issuance the terms of issuance. All final documents will also be filed.
Net proceeds from the sale of the Bonds and/or Debt Securities will be used for the
acquisition of property; the construction, completion, extension or improvement of its facilities;
the improvement or maintenance of its service; the discharge or lawful refunding of its
obligations; and for general corporate purposes. To the extent that the proceeds from the sale of
the Bonds or Debt Securities are not immediately so used, they will be temporarily invested in
short-term discounted or interest-bearing obligations.
ST AFF RECOMMENDATION
Staff recommends approval of the requested two-year authority for the $350 million shelf
registration. Idaho Power will file notice of issuances with the terms. All final documents will
also be filed.
The required securities fees have been submitted.
COMMISSION DECISION
Does the Commission approve the two-year authority for the $350 million shelf
registration?
joo
Terri Carlock
TC\ipce07. I 9Shelf350M.DM I 3.
DECISION MEMORANDUM JANUARY 3 , 2008