OCR Text |
Show 1 County approves industrial bonds for I Moon LaRe power plant I Latah County signed a memoran-5 memoran-5 r of agreement Tuesday with I wet Generation and Transmission I 'erative to issue up to $275 million I industrial revenue bonds. The bonds 1 be used to finance the pollution Crol facilities to be installed on the a'-fired steam electric generating lit Unit No. 1 proposed for near finza known as the Moon Lake eject. i to construction cost of the pollution I " is estimated to cost ap-I ap-I lately $180 million. The controls I terve a public purpose by reducing, ' and preventing pollution and '"'ting the health and welfare of the of Utah. feeret Generating advised Uintah County that in order to finance the Moon Lake Station No. 1 unit at the lowest possible cost, Deseret is contemplating con-templating entering into an agreement whereby an unrelated entity would acquire the generating plant and lease it back to Deseret Generation. The county is authorized and empowered em-powered by the Utah Industrial Facilities Development Act of Utah to issue revenue bonds to finance costs of facilities such as. requested by Deseret Generation as an inducement. The county does not secure the funds nor is it obligated for repayment in any way. The county is simply a sponsor for Deseret Generation which secures its own financing through underwriters of its own. The bonds have a tax-exempt status with the federal government. |