OCR Text |
Show $80 million bonds reissued PRICE Reissuance of $80 million in industrial bonds to Sunny Sun-ny side Power Corp. for construction of a cogeneration plant in the I East Carbon area has been approved by the Carbon County Commis- I I sion. . . Blaine Carlton, bond attorney, told the commission that issuance I of the bond was initial, approved in December 1987. But Security I Pacific Bank, the finance institution which secured the original bonds, no longer wishes to pa 'nate, and the letter of credit securing secur-ing the initial bonds will expire March 1-when the $80 million outstanding on the project will come due. Reissuance of $80 million in short-term bonds will allow Sun-nyside Sun-nyside Power to redeem the initial bonds and meet the payments by marketing the new bonds through the Goldman-Sachs financial institution, in-stitution, Carlton said. |