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Charleston committee approves ordinance to allow up to $30 million in sewer revenue bonds
Summary
The finance committee approved Bill 8056, authorizing up to $30 million in sewerage system revenue bonds to fund improvements tied to the Magazine Branch upgrade; committee members were told the bonds are payable from sanitary board revenues and will not affect the city's general bonding authority.
The finance committee approved an ordinance authorizing up to $30,000,000 in sewerage system revenue bonds for design, acquisition and construction tied to the sanitary board's Magazine Branch upgrade.
The measure matters because it provides financing authority for a multi-step sanitary-board project the committee has previously discussed and is structured to be repaid from the sanitary board's fees rather than the city's general obligation borrowing capacity.
Mister Baker, speaking to the committee, said the ordinance is “nearly identical to ones that have previously been adopted by the city of Charleston on behalf of the sanitary board” and described it as the next step following earlier authorization to obtain easements by imminent domain for the same upgrade. He told the committee the ordinance would authorize issuance of bonds “up to a total of $30,000,000.”
Committee member Evelyn asked whether the bond authorization would affect the city's bonding power for other projects. Kevin (staff) responded, “This will not impact the city's bonding authorities. The bond is based on the proceeds that the sanitary board receives, for their fees for service.”
The committee voted in favor by voice vote; members were recorded as saying “aye” and the chair declared the ayes had it. The ordinance (Bill 8056) passed the committee and will proceed in the city's ordinance process.
Background: Committee members noted this follows earlier steps in the Magazine Branch project, including authorizing easements. Additional related resolutions and an additional ordinance were described as likely to come in subsequent meetings.
