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Pollution Control Refinancing
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The Village of Pleasant Prairie will assist Wisconsin Electric Power Company (WEPCO) in refunding, or refinancing, $80,000,000 in Pollution Control Bonds. The Village originally assisted WEPCO by issuing a total of $80,000,000 in bonds during 1978, 1979 and 1985, during the development of the Pleasant Prairie Power Plant. The bonds were originally issued to finance projects related to the construction and installation of pollution control and sewage and solid waste facilities.
The pollution control projects served to protect the health, safety and welfare of citizens in Pleasant Prairie by preventing, limiting and controlling air and water pollution by both the proper disposal of sewage and solid waste and by facilitating compliance with environmental standards. The Village has similarly assisted WEPCO with refunding the Pollution Control Bonds in the past, in both 1995 and 2004. Through the Pollution Control Bond, the Village issues the bonds, but WEPCO retains all financial responsibility for the repayment of the funds. By having the Village assist with the issuing of bonds, WEPCO is able to obtain a more favorable interest rate for repayment of the debt. The Village, in turn, has the assurance that the environmental safety measures are being met and remain in the forefront of WEPCO’s plans.
“Pleasant Prairie and Wisconsin Electric Power Company have had more than a thirty-year working relationship,” commented Kathy Goessl, Finance Director for Pleasant Prairie. “It began with the conception of the Pleasant Prairie Power Plant and continued with the development of LakeView Corporate Park. The partnership continues to offer the area dividends today, as LakeView Corporate Park continues to grow.” Its approximate value, including the Prime Outlets properties, at the end of 2007 was near $600 million.