The Environmental Services Utility Board discussed a proposed $4 million revenue bond issuance at its July 21 meeting to fund the hydroelectric project and continued sewer infiltration and inflow (I&I) work.
Mayor Curtis summarized the proposed allocation: about $2,000,000 for the hydro plant, $1,500,000 for I&I and sewer lining work across basins over multiple summers, and $500,000 held as miscellaneous contingency for lift‑station repairs or other needs.
The committee heard a projected timetable: a first reading at city council on Aug. 4, a second reading Aug. 19, and a planned sale of bonds the week of Sept. 8. The city’s finance staff noted a typical repayment schedule would be 11 years for this issuance, though the city often issues longer obligations for other capital.
Comptroller Rogers identified an additional option: refinancing the city’s 2013B bonds if market conditions produce a sufficient interest‑rate advantage. As Rogers said in the meeting, “it's the 2013 B's. I just looked it up.” Staff reported a potential savings in the neighborhood of $100,000 if current rates allowed a refinance that met internal thresholds.
No committee vote on the bond measure occurred during the meeting; staff framed the presentation as informational and asked members to raise questions prior to committee and council readings. Staff emphasized the bond proceeds would allow the city to continue three more summers of I&I lining and to complete the hydro work while preserving the ESU operating cushion.
Why this matters: bond proceeds would accelerate infrastructure work and the hydro project but will add a debt service obligation; staff said refinancing could lower future debt costs if market conditions make it worthwhile.