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UTILITY BOARD APPROVES BOND ISSUANCE

10/16/2006 ~ The Utility Board approved Supplementary Resolution # 746, and the continuance of the Electric System Refunding and Capital Improvement Revenue Bonds at their regular meeting on October 11th.

The Bond pricing will take place on October 18th, with final closing on October 31st. Keys Energy Services (KEYS) was highly rated by Bond Rating Agency’s with an A (Moody’s) and A2 (Standard & Poor’s). Such high ratings will help guard against high insurance premiums on the bonds once they are issued.

“KEYS professionalism and preparation were more than evident during the bond ratings,” said Financial Advisor Craig Dunlap of Dunlap & Associates in reference to KEYS high bond ratings. He added that, “no other utility in the State of Florida is more prepared than KEYS, when it comes to hurricanes, with a set of proven policies and procedures that are second to none.”

The $42 million revenue bond issue is intended to provide necessary funding for capital improvements within KEYS system. Such capital projects include, but are not limited to, distribution improvements designed to “harden” the system by replacing all wooden poles with concrete poles; construction of a new substation on Stock Island to satisfy demand; construction of new feeders at the Big Pine Key Substation to satisfy increasing load; replacement of substation transformers; conversion to a remote electronic meter reading system; and the installation of coolers at KEYS Stock Island Generating Facility which will replace salt water wells.

The regular meeting of the Utility Board took place at 5:00 p.m., Wednesday, October 11th, in the Louis Carbonell Board Room of the William Arnold Service Building, 1001 James Street, Key West.

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