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Wheeling council approves bond and reimbursement resolutions for water and sewer improvements
Summary
The Wheeling City Council approved an ordinance and resolutions authorizing steps to finance water and sewer system improvements, including authority to issue up to $80 million in revenue bonds and a reimbursement intent resolution for prior project expenditures.
The Wheeling City Council on Sept. 2 approved an ordinance and accompanying resolutions authorizing steps to finance planned improvements to the city waterworks and sanitary sewer systems.
Council adopted an ordinance that authorizes the city to issue combined waterworks and sewage system improvement revenue bonds in an aggregate principal amount of not more than $80,000,000 and to execute related financing documents. The council also approved a resolution authorizing payment of invoices relating to cleanup and remediation of property at 58 Nineteenth Street and a separate resolution declaring the city’s official intent to reimburse certain prior expenditures from future tax-exempt bond or note proceeds.
The actions clear the way for formal bond marketing and execution of the agreements the city described as necessary to finance design, acquisition, construction and equipment for additions and improvements to the potable water treatment, storage and distribution system and the sanitary sewer collection and treatment system.
City officials did not specify a bond sale date at the meeting. Council members moved and seconded the measures and recorded votes approving each item; the clerk announced the motions approved.
Why it matters: The ordinance authorizes substantial borrowing power to finance long-term water and sewer capital projects. The reimbursement resolution preserves the city’s ability to treat certain prior project expenditures as bond-financeable costs if the city later issues tax-exempt debt for these projects.
Details recorded at the meeting: the ordinance sets an $80,000,000 aggregate principal cap for the revenue bonds. The resolution approving cleanup invoices referenced remediation work at 58 Nineteenth Street and authorized payment of those invoices.
Next steps: City staff will proceed with executing financing documents and other steps needed to issue the bonds; the council did not set specific sale dates at the meeting.
