Carroll County Electric’s Board of Directors learned the details of the recently finalized $9.65 million bond issue and awarded a bid for substation equipment at their meeting on Thursday, October 30.
Earlier this year, the department issued bonds to help fund construction of the new substation in Leach.
“We had a pretty good day when we sold bonds,” said Scott Gibson, Municipal Advisor with Cumberland Securities Company, Inc., who attended the meeting remotely.
Gibson told the board that the $9.65 million will be wired to Carroll County Electric Department’s construction account on Friday.
He said the interest rate on that money is 3.77%.
“That’s a really good rate compared to where the market has been,” he added.
Gibson said Raymond James and Associates purchased the bonds through a competitive public sale.
The bonds will mature in 2045, and annual payments that the department will have to pay back average about $713,000.
Substation Bid Award
The board awarded a bid for three 13kV power circuit breakers for the Leach Substation to ABB, Inc., the lowest of three bidders.
The price came in under budget.
“ABB came in below our estimate,” Electric Department General Manager, Ryan Drewry said. “We figured around $40,000 each, but their bid came in at $31,842 per unit, for a total of just over $95,000. We’re very pleased with that outcome.”
He said the equipment is expected to arrive within 27 weeks.
Other Business
Drewry reported the sale of Truck 376 through JJ Kane Auctioneers, which brought in $20,000.
“In the last 20 minutes of the auction, it jumped from $5,000 to $20,000,” he said. “We’re really happy with how that turned out.”
In project updates, Drewry said the department is consulting with environmental consulting firm Brophy & Heineke, Inc to prepare an Aquatic Resource Alteration Permit for the Leach Substation site.
A man-made ditch runs through the site, and they must get approval before moving any dirt near the area.
He said the application should be ready to submit by the end of next week.
Meeting dates have changed for November and December.
The November meeting will be held Thursday, November 20, and the December meeting will be moved up one week.
