The Department of Finance of the State of Alabama has announced a public hearing to discuss the potential issuance of notes by Black Warrior Electric Membership Corporation. The hearing is set to take place at 11:00 a.m. on October 6, 2023, in the Office of the Legal Advisor to the Director of Finance located in the State Capitol, Montgomery, Alabama.
Black Warrior Electric Membership Corporation is seeking consent to issue notes amounting to a total of $25 million. The funds raised from these loans will be allocated towards the repair and restoration of distribution lines and other related equipment that may have been damaged due to natural catastrophes. Additionally, the proceeds will be used to retire capital credits and for other corporate purposes across several counties, including Choctaw, Clarke, Dallas, Greene, Hale, Marengo, Perry, Pickens, Sumter, Tuscaloosa, Washington, and Wilcox.
The hearing aims to determine if the issuance of these notes serves the public’s interest and addresses a public need. All interested parties are invited to attend the hearing and voice their opinions on the matter.
Bill Poole, the Director of Finance, emphasized the importance of public participation in such decisions and encourages residents of the affected counties to attend.