By Patrick Sheridan
The City of Glendale, Calif., is planning to issue approximately $167 million of municipal bonds to replace aging power plant equipment.
The Electric Revenue Bonds 2025 offering includes serial and two term bonds, according to a preliminary official statement posted Monday on MuniOS. The securities will be offered in a competitive sale. Bids can be submitted through Ipreo’s BiDCOMP/Parity system starting at 11 a.m. ET on July 15, according to the sales notice.
Interest will be payable starting on Feb. 1 and again on Aug. 1.
The bonds are an obligation solely payable from the Electric Works Revenue Fund, and certain other funds as provided for in the trust indenture.
Proceeds will be used to further develop and construct the Grayson Repowering Project, which consists of a combination of natural gas-powered electric generating facilities that will replace certain portions of the existing Grayson Power Plant. Money will also be used for the acquisition and construction of the Scholl Canyon Landfill Biogas Renewable Generation Project, consisting of the installation of four gas engine generators, along with a landfill gas cleanup system.
Glendale comprises approximately 31 square miles in Los Angeles County and had a population of 191,586 as of July 1, 2024. The system supplies electricity to virtually all users within the city limits, and had about 91,000 customers for the fiscal year ended June 30, 2024.
Moody’s and Fitch Ratings are expected to assign Aa3 and A+ to the bonds.
Write to Patrick Sheridan at patrick.sheridan@wsj.com
(END) Dow Jones Newswires
July 15, 2025 13:20 ET (17:20 GMT)
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