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FOR IMMEDIATE RELEASE
June 11, 2007
(number of pages 1)
PUBLIC NOTICE
IRS Will Not Pursue Technical Advice for Grant PUD 2001-H Bond Issue
Relating to the Public Utility District No. 2 of Grant County, Washington, Electric System Revenue and Refunding Bonds, Series 2001-H, dated November 15, 2001 – Grant PUD received an initial audit examination letter from the Internal Revenue Service (IRS) dated June 15, 2005, and the utility has timely responded to the examination. Grant PUD has been advised by the IRS that the IRS will not pursue a request for technical advice with the respect to the fiber optic network financed with proceeds of the bonds. The IRS gave Grant PUD no reason for its decision other than to say there was “insufficient private use.” The IRS has not advised the utility of any other issues that would adversely affect the tax-exempt status of the Bonds.
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Grant County Public Utility District is a Washington state municipal corporation that began electric service in 1942. Owned by the people it serves, Grant PUD generates and sells electricity to Grant County residents and millions of customers throughout Central Washington and the Pacific Northwest. The Priest Rapids Project, comprised of Priest Rapids and Wanapum Dams, produces nearly 2,000 megawatts of clean, renewable and reliable electricity – enough to supply a city the size of Seattle. A leader in science based technology; Grant PUD is committed to finding effective measures for the protection, mitigation and enhancement of salmon, steelhead and other natural and cultural resources.
MEDIA CONTACT:
Sarah Morford
(509) 754-6633 / smorfor@gcpud.org
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