Independence Power & Light’s debt extensive, but considered stable
Mike Genet
mike.genet@examiner.net
While the city of Independence recently paid off $10.6 million of Power & Light bonds about 15 years ahead of schedule, saving more than $4.5 million in interest payments, it still represents a small amount of the city utility’s total debt obligations.
The $10.6 million, used from surplus cash, was part of what had been $151.5 million in outstanding bond payments through 2046, along with $91 million in future interest. Those bonds were issued to pay for a wide variety of projects, including plants no longer in use.
In addition, the city is obligated long term for $290 million in bond payments through its power purchase agreements with the Nebraska City and Iatan (near Weston) coal plants, according to the city’s annual financial report issued in mid-2020. That includes $165 million through 2038 for the Iatan plant, which started in 2010; and $125 million through 2049 for the Nebraska City plant, which started in 2009.