BROWNSVILLE, Texas (ValleyCentral) — The Brownsville Public Utilities Board of Directors voted Monday to add the company’s net interest earned on the failed $29 million Tenaska plan back to customers.
The total interest earned on the $29 million was $2,082,611, which was subsequently verified by external auditor Burton McCumber & Longoria, LLP, according to the company.
Of the $2,082,611, the City of Brownsville received $208,261 as part of BPUB’s payment transfers to the city.
The company added in a news release that it is not required to add the interest to the Tenaska Equity Fund.
The interest earned on the funds in the Improvement Fund flows back into the Plant Fund for Operations & Maintenance and does not stay in the Improvement Fund, as per section 24.B. of the Bond Ordinance.
BPUB plans to distribute the TEF bond ordinance in the following timeline:
- April 12-14 – BPUB receives draft report from Schneider Engineering
- April 17 – Schneider Engineering Report and Certification from the three bond agencies are finalized
- April 18 – Finalize certificate of designated financial officer
- April 18-19 – Rating agency calls to discuss preliminary findings of the Schneider Engineering report
- April 28 – Rating agencies will deliver letters to BPUB confirming that the implementation of the TEF Rebate Plan will not cause withdrawal or lowering of ratings
- May 1 – BPUB recommends by resolution that the City of Brownsville Commission approves the TEF Rebate Plan based upon a written certification of Schneider Engineering
- May 2 – The Brownsville City Commission approves BPUB’s recommendation and adopts a resolution determining that following the implementation of the TEF Rebate Plan by the BPUB Board of Directors, BPUB is expected to produce gross revenues in amounts sufficient in each fiscal year while any of the Senior Lien Obligations are to be outstanding to comply with the bond ordinance
- May 3 – File EMMA notices relating to the TEF Rebate Plan
