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Mountain Regional Water wins council approval to pursue up to $43M WIFIA financing for treatment-plant expansion
Summary
The county approved MRWSD’s request for parameters to issue up to $43 million in water revenue bonds to finance a treatment-plant expansion; district plans call for a ~34.3M drawdown, major contingency and phased rate impacts for customers.
Mountain Regional Water Special Service District representatives Steve Anderson and Lisa Hoffman returned to the Summit County Council on June 25 to seek authority (parameters) to issue up to $43,000,000 in water revenue bonds to finance a treatment-plant expansion and related costs. Anderson summarized the financing plan, the district’s WIFIA (Water Infrastructure Finance and Innovation Act) strategy and projected rate impacts.
Project and financing details presented to the council included: - Construction costs and contingency: base construction of approximately $6,800,000 in identified construction items plus a recommended construction contingency; staff recommended adding an additional $2,000,000 contingency line the WIFIA package to avoid…
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