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Revenue Bonds for New Power Plant Approved by BPW Board, Holland City Council

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HOLLAND, MI (WHTC) - The outstanding municipal revenue bonds that will fund about three quarters of the 182 million-dollar, 114-megawatt new electric power plant in Holland’s Eastern Gateway vicinity go on institutional sale today. The board of the Holland Board of Public Works and the Holland City Council agreed last night on pricing for the nearly 159 million dollars in double-A rated bonds, issued in five thousand dollar denominations, with an annual interest rate of 4.08 percent over their 25-year length. According to utility officials initial indications showed that between 80 and 90 percent of the 59 million dollars in bonds first put onto the market on Tuesday was sold in Michigan. Groundbreaking for the plant on 26 acres surrounding 5th Street and Fairbanks Avenue is slated after May’s Tulip Time Festival, with plans to have the facility on line by the end of 2016.

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