20090917Remarketing Report.pdf

etlDA~POR~
An IDACORP Company
September 14, 2009
Ms. Jean D. Jewell
Idaho Public Utilities Commission
P.O. Box 73720
Boise, ID 83720-0074
:ilc - E -03-
Dear Ms. Jewell:
We are submitting the following information in connection with the Commission's Order No. 29305 regarding the
remarketing of $49,800,000 principal amount of 5.15% Humboldt County, Nevada Pollution Control Revenue
Refunding Bonds (Idaho Power Company Project) Series 2003 due December 1, 2024 ("Bonds").
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 annum, for a term interest rate period ending November 30, 2024. The remarketing of the
Bonds established a new interest rate period for the Bonds but did not represent a new issuance of the Bonds.
Underwriters for this issuance were Banc of America Securities, LLC; JP Morgan Securities Inc.; Wachovia Capital
Markets, LLC; and Wedbush Morgan Securities Inc.
1) Receipt and disposition of proceeds:
Accounting for receipt and disposition of proceeds from the remarketing of the Bonds is certified to be as follows:
Proceeds from the remarketing of $49,800,0005.15% Pollution
Control Revenue Refunding Bonds, Series 2003
authorized by Order No. 29305 .. ..... ................ ........... ........ ....$49,800,000
Proceeds wil be used to repay the $170,000,000 Term
Loan that was issued on 4/2/2008 (and refinanced on
2/4/2009) to fund Idaho Power's reacquisition of the Bonds
for the weekly interest rate period. .... ..... .... ........... ......... ........49,800,000 49,800,000
Balance ........................................................$o
2) Rates:
The coupon rate was set at 5.15 percent.
Sincerely,~r..~
Darrel T. Anderson
Senior Vice President - Administrative Services and Chief Financial Officer
P.O. Box 70 (B3707)
1221 W.ldaho St.
Boise, 10 83702