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Riverside holds public hearing on up to $6.2 million water and sewer bonds
Summary
The Village of Riverside opened and closed a public hearing Feb. 6 on intent to sell up to $6.2 million in general obligation bonds to finance water and sewer projects; trustees closed the hearing with a unanimous roll-call vote and the village will complete the bond sale process in March.
The Village of Riverside Board of Trustees opened and then closed a public hearing Feb. 6 on the village's intent to issue general obligation bonds not to exceed $6,200,000 to fund water and sewer infrastructure improvements, Finance Director Zavala told the board.
The bonds are structured as general obligation, alternate revenue source bonds with an expected 20-year repayment period and an estimated interest rate range of 4.29 to 5 percent; final interest rates will be set after the bond sale in March, Zavala said. Anticipated net proceeds were listed at about $6,000,000.
The hearing packet and Zavala's presentation described planned projects to be funded by the issuance: multiple water-main replacements, sewer separation work and replacement of lead service lines. Staff said the projects are being aligned with street improvements to reduce costs and avoid repeated excavation on the same street.
Notice of the public hearing was posted in the Landmark newspaper on Jan. 22, 2025, Zavala said. No members of the public offered comments during the hearing. After a brief staff presentation and no public testimony, a trustee moved and a second was offered to close the public hearing and return to the regular meeting. The clerk called the roll and the trustees present voted unanimously to close the hearing.
The next procedural step is the village's March bond sale, after which final interest rates and the precise financing schedule will be reported to the board, staff said.
