20090827Adjustment, Remarketing.pdf

ii.IDAHO POWER COMPANY
P.O. BOX 70
BOISE, IDAHO 83707
RECEIVED
1089 AUG 21 AM 8= '0
PATlANGtI.l~
UTtUT1E60 ~\ary
An IDACORP Company
Ms. Jean D. Jewell
Secretary
Idaho Public Utilities Commission
Statehouse
Boise, Idaho 83720
August 26, 2009
Re: In the Matter of the Application of Idaho Power Company to enter
into Certn Financing Transactions for the Refuiidingof
$49,800,000 of Humboldt County, Nevada Pollution Control
Revenue Bonds
IPC-E-03-9
Dear Ms. Jewell:
This letter is to inform the Idaho Public Utilities Commission ("Commission") of an
interest rate period adjustment and remarketing of the above referenced $49,800,000 Humboldt
County, Nevada Pollution Control Revenue Bonds ("Bonds"), which were issued on October 22,
2003, under authorization from the Commission in IPC-E-03-9, Order No. 29305.
On August 20,2009, the interest rate period for the Bonds was converted from a weekly
interest rate period to a term interest rate period, as allowed under the Trust Indenture for the
Bonds. The Bonds were remarketed at a fixed interest rate of 5.15% per anum, for a term
interest rate period ending November 30,2024. The transaction also involved the termination of
Ambac as the insurer for the Bonds. The remarketing of the Bonds established a new interest
rate period for the Bonds but did not represent a new issuance of the Bonds.
Idaho Power will file with the Commission copies of the final transaction documents for
the remarketing of the Bonds when received from the Bond closing administrator. The final
transaction documents for the Bonds consist of the Remarketing and Purchase Agreement, the
Offering Circular, the First Supplemental Indenture to the Trust Indenture, the Release
Agreement with Ambac Assurance Corporation, and the Amended and Restated Continuing
Disclosure Undertaking.
Please contact me at 388-2878 if you ha,ve any questions regarding this filing.
Sincerely,
c: Terri Carlock, IPUC
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Telephone [phone], Fax [phone]