HomeMy WebLinkAboutResponse To Constituent Letter - Read Before Packet - 8/15/2023 - Eueb Agenda Item #1: Response From Mayor Jeni Arndt To The Energy Board Re: August 14, 2023 Memo, “Electric And Telecommunications Enterprise Fund 2023 Revenue Bond Issuance”
Mayor
City Hall
300 LaPorte Ave.
PO Box 580
Fort Collins, CO 80522
970.416.2154
970.224.6107 - fax
fcgov.com
August 15, 2023
Energy Board
c/o Phillip Amaya, Light & Power Director, Staff Liaison
PO Box 580
Fort Collins, CO 80522
Dear Chair Tenbrink, Vice-Chair Paul, and Board Members,
On behalf of City Council, thank you for providing us with the August 14, 2023 memorandum
titled “Electric and Telecommunications Enterprise Fund 2023 Revenue Bond Issuance” in
which you summarized the Board’s position on the request for debt issuance for Light & Power
and Connexion. We understand that the Board voted 7-1 to support the issuance of $40 million
supporting Light & Power’s capital improvement needs but that you don’t feel as though you
have enough information or the purview to support the funding for the completion of the
Connexion build out.
The item is slated as agenda item #11 for tonight’s City Council meeting and we encourage you
to watch the meeting on fcgov.com/fctv or on Cable Channel 14.
Thank you for the expertise and perspectives that you bring to the Board and sharing them with
City Council.
Best Regards,
Jeni Arndt
Mayor
/sek
cc: City Council Members
Kelly DiMartino, City Manager
Utilities – Energy Board
700 Wood St.
PO Box 580
Fort Collins, CO 80522
970.221.6702
970.416.2208 - fax
fcgov.com
M E M O R A N D U M
DATE: August 14, 2023
TO: Mayor Arndt and City Councilmembers
FROM: Vanessa Paul, Energy Board Vice Chairperson
RE: Electric and Telecommunications Enterprise Fund 2023 Revenue Bond Issuance
The Energy Board would like to have a chance to communicate their thoughts on the request for a $66.1
million combined debt issuance for Light & Power and Connexion.
Connexion and Utilities Finance staff presented the request at the August 10, 2023, Energy Board
meeting. The Board voted 7-1 (with one absence) to support the issuance of $40 million supporting Light
& Power’s capital improvement needs, but the Board does not feel they have enough information or have
the purview to support the funding for the completion of the Connexion build out.
While the Energy Board is grateful to remain involved and informed on this issue, the Board feels there
has been a historical lack of transparency about the usage of Connexion bond funding now and in the
future. The Board also questions if the request to weigh in on Connexion financing is within their purview,
because in the past they were explicitly told Connexion related items are not within their codified duties as
an Energy Board.
The Board would also like to reiterate that they are supportive of Connexion as a whole and want the
service to succeed, but they hope there will be more transparency and guidance going forward.
Thank you for the opportunity to review and comment.
Respectfully submitted on behalf of the Energy Board,
__________________________
Vanessa Paul, Vice Chairperson
Energy Board
cc: Steve Tenbrink, Energy Board Chairperson
Phillip Amaya, Director of Operations & Technology
Lance Smith, Director, Financial Planning & Assets, Utilities
DocuSign Envelope ID: 44D6EAD4-A9FE-4A35-9AD9-55EF08729D5F