Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $1,000,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF PAYING COSTS OF IMPROVING THE CITY’S ELECTRIC SYSTEM BY ACQUIRING AND INSTALLING A NEW DISTRIBUTION TRANSFORMER, TOGETHER WITH THE NECESSARY REGULATORS, CONTROL EQUIPMENT AND APPURTENANCES THERETO.
Brief Description: This ordinance allows for the financing of Hudson Public Power’s replacement of a distribution transformer at its’ Eastside substation (located on Stow Road, across the street from Hudson City School District’s baseball complex).
Body
Legislative History
This project was included in the 2021-2025 Five Year Plan adopted December 2020.
Purpose & Explanation
The purpose of this Ordinance is to finance the removal/ disposal of a distribution transformer and load tap changer along with the purchase/ installation of a new distribution transformer, regulators, associated wiring and control equipment located at the Eastside substation.
Timing Considerations
Staff recommends Council pass this ordinance to allow for timely sale of the notes.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Does this legislation require use of an emergency clause?
Yes
X No
Recommendation
Suggested Action
Staff recommends Council pass this ordinance to allow for timely sale of the notes.
Submitted by,
Jane Howington, City Manager
Jeff Knoblauch, Asst. City Manager/Finance