HomeMy WebLinkAbout20240208Informational Filing.pdf..i i&IP"Il IDAHO O&M POWER
An IDACORP Company
IDAHO POWER COMPANY
P.O. BOX 70
BOISE, IDAHO 83707
Monica Barrios-Sanchez
Commission Secretary
Idaho Public Utilities Commission
11331 W. Chinden Blvd.
Building 8, Suite 201-A
Boise, ID 83714
PATRICK A. HARRINGTON
Corporate Secretary
February 8, 2024
Re: In the Matter of Idaho Power Company's Application for Authority to Issue and
Sell up to $1,200,000,000 of First Mortgage Bonds and Debt Securities
Case No. IPC-E-24-05
Informational Filing
Dear Ms. Barrios-Sanchez:
Attached for electronic filing with the Idaho Public Utilities Commission are certified
Idaho Power Company Board Resolutions dated February 8, 2024, approving Idaho Power's
issuance of up to $1,200,000,000 of First Mortgage Bonds and Debt Securities as set forth in
Idaho Power's application in the above referenced case ("Application"). The Board Resolutions
are being filed as an informational filing under Attachment III of the Application.
Please contact me at (208) 288-2878 or pharrington@idahopower.com if you have any
questions regarding this filing.
c: Terri Carlock
Utilities Division Administrator
(00342222.DOC; 1)
Sincerely,
1 t
Patrick A. Harris
P.O. Box 70 Boise, ID 83707
Telephone (208) 388-2878, Fax (208) 388-6936
ph arrington@idahopower.com
RECEIVED
Thursday, February 8, 2024 3:32:00 PM
IDAHO PUBLIC
UTILITIES COMMISSION
STATE OF IDAHO
COUNTY OF ADA
CITY OF BOISE
)ss.
I, Patrick A. Harrington, the undersigned, Corporate Secretary of Idaho Power Company,
do hereby certify that the following constitutes a full, true and correct copy of resolutions adopted
by the Board of Directors of the Company at the board meeting held on February 8, 2024, relating
to authorization to issue and sell up to $1,200,000,000 aggregate principal amount of first mortgage
bonds and/or debt securities, and that said resolutions have not been amended or rescinded and are
in full force and effect on the date hereof.
IN WITNESS WHEREOF, I have hereunto set my hand this 8th day of February, 2024.
(.1141(CORPORATE SEAL) /s/ Patri k A. Harrin 0
Corporate Secretary.
INCREASE OF BORROWING AUTHORIZATION AND
FILING OF APPLICATIONS FOR AUTHORITY WITH STATE PUBLIC
UTILITY COMMISSIONS
WHEREAS, the Board of Directors of Idaho Power Company (the "Board")
adopted resolutions on May 12, 2022 (the "General Borrowing Resolutions") authorizing,
among other things, the creation, issuance, sale and delivery by Idaho Power Company in
one or more series from time to time of (i) first mortgage bonds ("First Mortgage Bonds")
in an aggregate principal amount not exceeding $1,200,000,000 (the "FMB Cap") and (ii)
unsecured debt securities ("Debt Securities," and with the First Mortgage Bonds,
collectively referred to as the "Securities") in an aggregate principal amount not exceeding
$1,200,000,000 (the "Unsecured Cap"); provided, however, that the total principal amount
of Securities shall not, in the aggregate, exceed $1,200,000,000 (the "Overall Cap" and,
together with the FMB Cap and the Unsecured Cap, the "Caps"), and to enter into swap or
hedging arrangements with respect to any Securities;
WHEREAS, from the date of the General Borrowing Resolutions to the date hereof,
Idaho Power Company issued Securities in Series M and Series N in the total aggregate
principal amount of $920,000,000, resulting in $280,000,000 in aggregate principal
amount of Securities of remaining capacity available under the Caps; and
WHEREAS, the Board believes it is advisable and in the best interest of Idaho
Power Company and its shareholders to increase the Caps by $920,000,000, from
$1,200,000,000 to $2,120,000,000, such that the remaining capacity available under the
Caps will be $1,200,000,000 in aggregate principal amount of Securities.
(00342223.DOCX;
RESOLVED, that in connection with the General Borrowing Resolutions each of
the Caps is hereby increased to $2,120,000,000, any provision of the General Borrowing
Resolutions that relates to the Caps is hereby deemed to relate to the Caps as increased
hereby, and any other reference in the General Borrowing Resolutions to $1,200,000,000
is hereby changed to $2,120,000,000; and be it
FURTHER RESOLVED, that the officers of Idaho Power Company be, and
they hereby are, authorized and empowered to make, execute and file, in the name
and on behalf of Idaho Power Company, such applications and other documents
and any amendments or supplements to such applications and documents with the
state regulatory authorities having jurisdiction over Idaho Power Company and/or
its securities as may be necessary to obtain an exemption from competitive bidding
requirements and to facilitate the creation, issuance, sale and delivery by Idaho
Power Company in one or more series from time to time of (i) First Mortgage Bonds
in an aggregate principal amount not exceeding $1,200,000,000 and (ii) Debt
Securities in an aggregate principal amount not exceeding $1,200,000,000;
provided, however, that the total principal amount of Securities shall not, in the
aggregate, exceed $1,200,000,000 (such amounts reflecting the Caps, as hereby
amended, less the $920,000,000 aggregate principal amount of Securities that Idaho
Power Company has issued from the date of the General Borrowing Resolutions to
the date hereof), and to enter into swap or hedging arrangements with respect to
any Securities, and all prior actions taken by Idaho Power Company in connection
therewith hereby are, in all respects approved, ratified and confirmed; and be it
Effect of Resolutions
FURTHER RESOLVED, that the General Borrowing Resolutions shall
remain in full force and effect, as amended hereby.
{00342223.DOCX; 1}