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Clark Public Utilities Completes Sale of Bonds Clark Public Utilities has completed the sale of municipal bonds to partially fund improvements in the utility's Electric and Generating systems. For the Electric System, the utility sold $49.1 million in revenue bonds at an average interest cost of 4.6 percent. The utility also sold $9.6 million in revenue bonds to fund work at the River Road Generating Plant. "Our solid financial position allowed us to sell these bonds, which will finance needed projects in our community," said Carol Curtis, president of the utility's board of commissioners. "This was a very good sale given the current condition of financial markets." About $10.1 million will be used to refinance outstanding bonds. Curtis said the refinancing would reduce the utility's borrowing costs by about $326,000. In a departure from previous sales, the utility expanded the sale by selling some bonds directly to retail investors through Fidelity Investments, Seattle Northwest Securities, D. A. Davidson and Edward Jones. The balance were sold to Merrill Lynch and Barclays, which sold their allocations to institutional investors. The bonds mature at various times over the next 20 years. |
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