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POWER AUTHORITY PLANS BOND REDEMPTION

POWER AUTHORITY PLANS BOND REDEMPTION
 NEW YORK, Sept. 30 /PRNewswire/ -- New York Power Authority Chairman Richard M. Flynn announced today that the Power Authority intends to redeem $231.4 million of its Series J general purpose bonds, issued in October 1980.
 Flynn said the redemption, scheduled for Nov. 2, will reduce the Power Authority's debt service payments by about $330 million over the remaining life of the bonds, resulting in savings for electricity consumers.
 Power Authority trustees today authorized use of up to $240 million from internal reserve funds for redemption of the Series J 8.9 percent serial bonds due Jan. 1, 1994; the 9 percent serials due Jan. 1, 1995; the 9.6 percent terms due Jan. 1, 2000; the 9.75 percent terms due Jan. 1, 2006; and the 8 percent terms due Jan. 1, 2010. The bonds will be redeemed at a price of 102.5 percent.
 The 8.75 percent Series J serial bonds due Jan. 1, 1993, are not included in the redemption plan.
 With an average interest rate of 9.18 percent, Series J bonds are the Power Authority's highest-cost debt. The bonds were issued to refund the Power Authority's 1970 project bonds, proceeds of which were used to finance construction of the James A. FitzPatrick Nuclear Power Plant in Oswego County and the Blenheim-Gilboa Pumped Storage Power Project in Schoharie County.
 -0- 09/30/92
 CONTACT: Stephen Shoenholz of the Power Authority, 212-468-6313 CO: NEW YORK POWER AUTHORITY IN: UTI ST: NY -- NY060 -- X558 09/30/92
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Publication:PR Newswire
Date:Sep 30, 1992
Words:255
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