20090827Adjustment, Remarketing.pdf

;:-IDAHO POWER COMPANY
P.O. BOX 70
BOISE, IDAHO 83707
RECEIVED
2809 AUG 27 AM 8: 10
PATRICKA.HA~ll' It
Corbltf'l!ie lŠSiON
An IDACORP Company
Ms. Jean D. Jewell
Secreta
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 Certain Financing Transactions for the Refuding of
$116,300,000 of Sweetater County; WyomingPoHution Control
Revenue Refuding Bonds
IPC- E-06-14
Dear Ms. Jewell:
This letter is to inform the Idao Public Utilties Commission ("Commission") of an
interest rate period adjustment and remarketing of the above referenced $116,300,000
Sweetwater County, Wyoming Pollution Control Revenue Refuding Bonds ("Bonds"), which
were issued on October 3, 2006, under authi;rization from the Commission in IPC-E-06-14,
Order No. 30049.
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 Indentue for the
Bonds. The Bonds were remarketed at a fixed interest rate of 5.25% per anum, for a term
interest rate period ending July 14, 2026. 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 fie 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 Indentue, the Release
Agreement with Ambac Assurance Corporation, and the Amended and Restated Continuing
Disclosure Undertng.
Please contact me at 388-2878 if you have any questions regarding this filing.
c: Terr Carlock, IPUC
Telephone [phone], Fox [phone]