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Margate commission approves up to $120 million water and wastewater bond at second reading
Summary
The Margate City Commission on Feb. 19 approved on second reading an ordinance authorizing the issuance of up to $120 million in water and wastewater revenue bonds to finance capital upgrades to the city’s water and wastewater systems.
The Margate City Commission on Feb. 19 approved on second reading an ordinance authorizing the issuance of up to $120 million in water and wastewater improvement revenue bonds to finance capital upgrades to the city’s water and wastewater systems.
The ordinance, described at the meeting as authorizing one or more series of bonds and providing for security from net system revenues, passed after a public hearing and a roll-call vote. City staff said proceeds will fund a 20-year program of capital improvements to the system and that the commission previously approved a rate structure to support the debt service.
Commissioners and city staff discussed how the work will be funded and how residents…
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