Financing options for public electric systems
Journal Article
·
· Public Power; (United States)
OSTI ID:5518360
Public utilities, traditionally restricted in sources of capital, in recent years have developed innovations in financing. The predominant method for raising capital is long-term revenue bonds. Newer devices include warrants (attached to bonds; must be exercised within stated time), variable rates, deep discount (bond carrying coupon 300 to 400 basis points less than market interest, purchased 20 to 30% below face value), calls and puts (call prohibits redemption for stated time; put allows early specified redemption), defeasance (issue of refunding bonds at lower interest rate to refund earlier issues), shelf registration (official statement ready on moment's notice), insurance on principal and interest, leasing arrangements, lines of credit, tax-exempt commercial paper, bond anticipation notes, minibonds, cash management, and techniques such as swaps, options, and futures. 3 figures, 1 table.
- Research Organization:
- Salt River Project, Phoenix, AZ
- OSTI ID:
- 5518360
- Journal Information:
- Public Power; (United States), Journal Name: Public Power; (United States) Vol. 41:6; ISSN PUPOA
- Country of Publication:
- United States
- Language:
- English
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