1151 Valley Mall Parkway, East Wenatchee, WA 98802

509-884-7191 / 1-800-503-7990

January/February 2004 Rural Development, Saving Money

January/February  2004

Rural Development

Douglas County PUD Commissioners, acting as the Board of the Electric Utility Rural Economic Development Revolving Fund, considered $140,437 in requests from 14 Douglas County entities. According to RCW 82.16, Douglas PUD is able to receive a revenue tax credit up to $25,000 when it provides funding to rural communities for projects “designed to achieve job creation or business retention, to add or upgrade non-electrical infrastructure, to add or upgrade health and safety facilities, to accomplish energy and water use efficiency improvements, including renewable energy development, or to add or upgrade emergency services” up to a maximum of $50,000.  The Board of the Electric Utility Rural Economic Development Revolving Fund approved the following nine grants:

  • City of Bridgeport: $2,600
    To upgrade fast response truck - radio, light & siren
  • Douglas County Fire District 1: $9,400
    For a thermal imaging camera
  • Douglas County Fire District 5:  $8,500
    For a portable defibrillator and snowmobile
  • Douglas Count Fire District No.  7: $9,188
    For a four-wheel drive brush truck
  • City of Waterville:  $2,000
    To replace Kagi used oil burner, recycle oil & heat town shop
  • American Red Cross:  $7,400
    To purchase & stock emergency response trailer in Waterville
  • Douglas County Hospital District:  $3,000
    To purchase 5 new radios
  • Douglas County:  $2,912
    To purchase 3 - 35 KVAR fixed capacitors

Saving Money

On December 9, 2003 your Public Utility District completed a refinancing of Wells Hydroelectric Project Bonds that yields a net present value savings of $2,589,048. The term of both the replacement bonds and the retired bonds is through 2018. The District issued $111,340,000 worth of bonds in the refinancing. Our total debt load on the Wells Project as a result of the refinancing was reduced from $158,100,000 to $151,290,000. The interest rate on the majority of the new bonds is 3.64%. In addition to the dollar savings on the bond issue, revisions to the bond resolution create efficiencies that will also reduce costs. The effect of this refinancing will flow through to the Electric Distribution System over the next fifteen years and result in a slightly lower cost of Wells Power. Douglas PUD staff, management and commissioners are pleased that this refinancing will benefit Douglas County residents by helping to hold down electric rates.