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HomeMy WebLinkAbout20030723_568.pdfDECISION MEMORANDUM TO:COMMISSIONER KJELLANDER CO MMISSI 0 NER SMITH COMMISSIONER HANSEN COMMISSION SECRETARY COMMISSION STAFF LEGAL WORKING FILE FROM:TERRI CARLOCK DATE:JULY 21, 2003 RE:IDAHO POWER COMPANY'S REQUEST TO REFUND $49,800,000 HUMBOLDT COUNTY, NEVADA POLLUTION CONTROL REVENUE BONDS - CASE NO. IPC-03- On July 2003 , Idaho Power Company (Idaho Power) filed an Application requesting authority to enter into financing transactions to refund $49 800 000 aggregate principal amount of Humboldt County, Nevada Pollution Control Revenue Bonds. Idaho Power proposes to refund to secure a lower average interest and/or to extend the average maturity for the refunding bonds. 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. The interest rate may be fixed or variable and may be convertible. Idaho Power expects the refunding bonds to be issued on or before December 2003. Idaho Power may evaluate interest rate swaps and/or interest rate hedging arrangements to minimize the interest costs. Idaho Power will also evaluate the need and interest expense reduction if guarantees, pledges or other security agreements are entered. Idaho Power requests an Order authorizing Idaho Power Company to 1) enter into contracts of purchase, loan agreements, letter of credit agreements, security agreements and such other agreements or arrangements as reasonably necessary to refund the $49 800 000 aggregate principal amount of Humboldt County, Nevada Pollution Control Revenue Bonds. Fees have been paid. DECISION MEMORANDUM - 1 -JULY 21 , 2003 STAFF RECOMMENDATION Staff recommends approval to refund the $49 800 000 aggregate principal amount of Humboldt County, Nevada Pollution Control Revenue Bonds. COMMISSION DECISION Does the Commission approve the request to refund the $49 800 000 aggregate principal amount of Humboldt County, Nevada Pollution Control Revenue Bonds. Does the Commission approve the agreement that Idaho Power will file by letter seven days or as soon as possible prior to issuance the terms of issuance and file all final documents. J-Vlm 0 eYe Terri Carlock TC\ipce03.9HumboldtPCB.DM7.21. DECISION MEMORANDUM - 2 -JULY 21 2003