Glendale City Council
December 19, 2023

Introduction of the Ordinance
Authorizing Issuance of Electric
Revenue Bonds
December 19, 2023
Scott Mellon, Assistant General Manager – Power Management Item 8.b
2 Grayson Repower Project – APPROVED December 2022
Scholl Canyon Biogas Project – APPPROVED January 2023
City-Owned Solar Development Program – APPROVED November 2023 Ordinance Establishing COSA Electric Rates – APPROVED November 2023 Next Step – Finance the projects
Background
• First Tranche of $166M – Closing in February 2024
• Refinance
• 2013 Refunding Bonds - $13.4M outstanding
• 2013 Revenue Bonds - $49.7M outstanding
• Estimated Savings - $10.2M
• Second Tranche of $166M – Expected Close in August 2024 • Third Tranche of $166M – Expected Close in August 2025 3 Bond Issuance
January 9th – Second Reading of Bond Ordinance
– Approval of Bond Issuance
– Approval of the hiring of Financial Advisor and Bond Counsel January 11th – Rating Agency meetings
February 15th – Competitive sale of the bonds
February 29th – Closing of the sale of the bonds
4 Next Steps
5 Questions?