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SEAPA bond resolution passes with amended wording

 


Petersburg Borough Assembly members passed an amended resolution to allow Southeast Alaska Power Agency (SEAPA) to move forward with refinancing of existing 2009 bonds and a proposed $7 million bond sale to fund an expansion of the Swan Lake facility northeast of Ketchikan on Revillagigedo Island.

Though Petersburg and Wrangell municipal attorneys have vetted the paperwork for the bond sale, Peterburg's Vice Mayor Cindi Lagoudakis said she had some concerns about the resolution's wording.

“My concern with this resolution is that it doesn't identify the project that the bonds are supposed to be for,” she said. “I would like it to say what its real intent is.”

The resolution, as originally written, designated the bonds for “Electric Revenue Improvement and Refunding,” without naming the Swan Lake expansion project specifically.

An amendment to clarify the wording in the resolution was passed 4-3. **A resolution has already been passed by the Wrangell Assembly approving the bond sale and refinancing.

**Correction made April 13, 2015**

This article about the Petersburg Borough Assembly passing an amended resolution allowing for the Southeast Alaska Power Agency’s (SEAPA) bond refinancing and new bond sale incorrectly stated that all member utilities, including Wrangell and Ketchikan, will have to vote on the revised resolution for the bond sale to proceed.

The Sentinel regrets the error.

 

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