Estimated Timeline of Bonding Process and Requested Issuance Date for Commission Order Approving Proposed Financing Sample Clauses

Estimated Timeline of Bonding Process and Requested Issuance Date for Commission Order Approving Proposed Financing. The Settling Parties agree that PWW should take all steps necessary to close on the proposed financing and issue the taxable bonds by as soon as September 1, 2020 but by no later than early to mid-October, 2020. Resolution of the total debt service from this financing is instrumental to the proposed MOEF in PWW’s DW 19-084 rate proceeding, discussed subsequently in this Agreement, and whether the MOEF will be able to fully support or replenish the MOERR-RSF on a going-forward basis. Additionally, PWW and its investment bankers consider it to be extremely important that this bond issuance be completed prior to the 2020 Presidential Election, as the impact of the results of that election upon the financial markets in the U.S. would most likely add another layer of uncertainty with regard to the overall cost of and ability to issue these bonds, during or after the election. PWW estimates that it would take from 5-8 weeks to complete the entire process of documenting, processing, marketing, and closing on a bond issuance to the markets. The Company anticipates that process would not commence until after the Commission issues an order approving the proposed financing. For the reasons previously described, including the desire to consummate the transactions as soon as possible, and in light of the timing for which this process is directly impactful on the concurrent rate proceeding in DW 19-084, which includes the requested approval of the MOEF along with other rate structure modifications, the Settling Parties agree and respectfully request that the Commission issue an order approving the proposed bond financing in the instant docket by no later than July 24, 2020.
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Related to Estimated Timeline of Bonding Process and Requested Issuance Date for Commission Order Approving Proposed Financing

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