The Franklin Public Utility District has completed the sale of revenue bonds for capital improvements and to refinance its existing debt.
The public utility, which provides electricity to 24,000 customers in Franklin County, will use $15 million of the bond proceeds to improve the reliability of its electrical distribution system, according to a news release. The remaining proceeds, about $13 million, will go to refinancing its debt to better allocate costs and take advantage of favorable interest rates, said the release.
Because of the lower interest rates, the bond sale will change short-term debt service and will not affect current utility rates, the release said.
The sale was completed through J.P. Morgan. Tim Nies, Franklin PUD's auditor and director of administrative services, credited the financing team with putting together an offering that was attractive to investors.
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Franklin PUD provides wholesale telecommunications services through a fiber optic network, along with its electricity service.