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City discussed up to $145 million revenue bond for Grand Prairie water system to accept Lake Michigan supply
Summary
City finance staff and financial advisor discussed a potential revenue bond not to exceed $145 million to fund design and improvements to accept Lake Michigan water including towers, pumping stations and main replacements; staff said they aim to shift as much debt as possible to low‑interest state and federal loans.
Finance committee members and the city's financial advisor presented information about a proposed revenue bond not to exceed $145 million to fund design and capital work for the Grand Prairie water‑system improvements needed to accept Lake Michigan water.
A representative from Spear Financial (identified as Anthony during the committee report) described the bond as being used for water‑system upgrades that include water towers, pumping stations and water main replacements. Finance members said the bond would cover work necessary to accept Lake Michigan water and that some sewer and other standard maintenance items also may be included. Committee members said staff and the financial consultant are attempting to maximize the amount financed through state and federal low‑interest loan programs rather than issuing the full amount in revenue bonds.
The finance chair reported revenues across major funds — general, sewer, water and parking — were trending in line with the budget and noted state and federal grant funds were being used on museum and prison projects. No final bond authorization or ordinance was adopted at the council meeting; the discussion occurred in the finance committee report and in a presentation to council members.
