NOTICE OF BONDS
October 3, 2024
NOTICE TO REMAIN IN PLACE UNTIL November 4, 2024
NOTICE IS HEREBY GIVEN that the Board of Directors of Intermountain Power Agency, a Utah
interlocal entity (“IPA”), has approved the issuance of the bonds described below. This Notice of Bonds
(this “Notice”) is published by IPA pursuant to Utah Code Section 11-13-219.
On October 2, 2024, the IPA Board of Directors adopted that certain Sixty-Sixth Supplemental
Power Supply Revenue Bond Resolution (the “Supplemental Resolution”) authorizing, among other things,
the issuance (the “Issue”) of the following bonds (collectively, the “2024 Series A and B Bonds”): Power
Supply Revenue Bonds, 2024 Series A (Tax-Exempt) and Power Supply Revenue Bonds, 2024 Series B
(Federally Taxable). The Supplemental Resolution is supplemental to that certain Power Supply Revenue
Bond Resolution adopted by IPA on September 28, 1978, as heretofore supplemented, amended and
restated (the “Bond Resolution”). IPA anticipates selling the 2024 Series A and B Bonds pursuant to a
Purchase Contract proposed to be entered into by IPA with the underwriters identified in such Purchase
Contract.
Issuer; Purpose of Issue
The issuer will be IPA. IPA owns the Intermountain Power Project, including the coal-fueled
electric power generation facilities near Delta, Utah (the “Project”). The purposes of the Issue are to
(i) finance a portion of the costs of replacing the existing coal-fueled generation facilities with two
combined-cycle natural gas-fired power blocks with an approximate combined net generation capability of
840 MW, where “net generation capability” means gross power generation less auxiliary load for generation
and transmission support, (ii) provide moneys sufficient to pay capitalized interest on the 2024 Series A
and B Bonds through July 1, 2025, (iii) provide moneys for deposit to a debt service reserve account
established under the Bond Resolution to provide security for the 2024 Series A and B Bonds, among
others, and (iv) pay the costs of issuance of the 2024 Series A and B Bonds.
Parameters of the 2024 Series A and B Bonds
The 2024 Series A and B Bonds will be issued as revenue bonds in two series, each of which may
contain, one or more term bonds, in the aggregate principal amount of not more than $175,000,000, to
mature in not more than 21 years from their date or dates of delivery, to bear interest at a rate or rates not
to exceed 6.000% per annum and to be sold at a discount from par of no more than 3.000% of the principal
amount of the 2024 Series A and B Bonds issued.
General Description of Security Pledged
Pursuant to the Bond Resolution, the 2024 Series A and B Bonds will be direct and special
obligations of IPA payable solely from and secured solely by (i) the proceeds of the sale of bonds issued
by IPA, (ii) IPA’s revenues from ownership and operation of the Project, and (iii) all funds and accounts
established by the Bond Resolution (other than specified funds and accounts), including the investments
and investment income of such funds and accounts as provided in the Bond Resolution. Neither the full
faith and credit nor the taxing power of the State of Utah (the “State”) or any political subdivision or agency
of the State will be pledged to the payment of the principal of, premium, if any, or interest on the 2024
Series A and B Bonds.
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Total Par Amount of Outstanding Bonds
As of the date of this Notice, the bonds issued by IPA currently outstanding that are secured by a
pledge of the security described above on a parity with the 2024 Series A and B Bonds consist of the
following (being the “Senior Bonds”): (i) the following (the “2022 Series A and B Bonds”): (a) the Power
Supply Revenue Bonds, 2022 Series A (Tax-Exempt) in the aggregate principal amount of $732,755,000,
and (b) the Power Supply Revenue Bonds, 2022 Series B (Federally Taxable) in the aggregate principal
amount of $64,850,000, and (ii) the following (the “2023 Series A and B Bonds”): (a) the Power Supply
Revenue Bonds, 2023 Series A (Tax-Exempt) in the aggregate principal amount of $767,650,000, and
(b) the Power Supply Revenue Bonds, 2023 Series B (Federally Taxable) in the aggregate principal amount
of $67,395,000. Other than the Senior Bonds, IPA has no other bonds or obligations outstanding that are
secured by a pledge of the revenues pledged to secure the 2024 Series A and B Bonds.
More Detailed Information Relating to Outstanding Bonds
More detailed information regarding IPA’s outstanding bonds may be found in (i) IPA’s Official
Statement dated April 28, 2022 relating to the 2022 Series A and B Bonds (at
https://emma.msrb.org/P21572718-P21214692-P21636035.pdf), (ii) IPA’s Official Statement dated July
12, 2023 relating to the 2023 Series A and B Bonds (at https://emma.msrb.org/P11685885-P11297046-
P11727440.pdf), and (ii) IPA’s Annual Disclosure Report for the 2022-2023 Fiscal Year dated as of March
29, 2024, including the Consolidated Financial Statements of IPA for the Years Ended June 30, 2023 and
2022 and Independent Auditors’ Report (at https://emma.msrb.org/P11745729-P11342207-
P11777632.pdf).
Estimated Total Cost of Issue
The estimated cost to IPA for the 2024 Series A and B Bonds, if such bonds are held to maturity,
based on interest rates in effect as of the date of this Notice is equal to $286,483,187.
Examination of Supplemental Resolution and Bond Resolution
A copy of the Supplemental Resolution and the Bond Resolution may be examined at the offices
of IPA at 10653 S. River Front Parkway, Suite 120, South Jordan, UT 84095, Monday through Friday, from
8:00 a.m. to 5:00 p.m., for a period of 30 days from the date of this Notice set forth above. Reference is
made to the Supplemental Resolution and the Bond Resolution for a complete description of the terms and
conditions of such documents