The Utility Service Board is gearing up for what could best be described as a general overhaul of its electrical system.
“We’re closing in on the final stages of this whole project and it’s been going on for quite some time,” said USB Chairman Mike Kelley following Monday night’s meeting. “One of the things we had to do is ask for a bond issue.”
USB General Manager Todd Corrie said the utility’s bond rating is a ‘Triple B Plus.’
“Triple B Plus is quite adequate,” said Kelley. “We won’t get the best interest rates but we should be able to get fair interest rates.”
Kelley said some of the items involved in this “multi-year project” will be a new substation on the west side in which land will have to be located and acquired. Also, some of the other substations will be upgraded along with many of the electric poles and wiring will have to be replaced.
Kelley added the last time the electric system was upgraded was after the ice storm back in 1991.
“It’s due (for an update),” said Kelley.