The Grand River Dam Authority intends to issue up to $200 million of revenue bonds this fall to finance new electric transmission infrastructure.
Kevin Easley, chief executive officer of the state-owned utility, said at the monthly board meeting in Tulsa last week that the bonds probably would be issued in September or October.
“Sooner would be better than later, but we want the board members to be comfortable with it,” Easley said at the meeting.
The GRDA provides electricity to municipal utilities in Oklahoma, Kansas, Missouri, and Arkansas, as well as several rural electric cooperatives.
The Grand River Dam Authority sold $568.3 million of revenue bonds in September 2008, including $549.2 million of 20-year tax-exempt bonds. that carried underlying ratings of single-A from Moody’s Investors Service, Standard & Poor’s, and Fitch Ratings. The sale also included $19.1 million of two-year taxable bonds.
The 2008 revenue bonds were the first Oklahoma state agency bonds to be enhanced with triple-A rated insurance from Berkshire Hathaway Assurance Corp.