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Council authorizes water and sewer bonds to reimburse reservoir purchase, build pump station and drill wells
Summary
The council adopted an ordinance authorizing up to $250 million in water and sewer revenue bonds and approved a $60M first tranche to reimburse the recently purchased reservoir, fund a master pump station and 36" raw water main, and finance drilling of new production wells; repayment sources include irrigation and water/sewer rate adjustments.
City Council authorized a package of water and sewer revenue bonds Aug. 6 to finance and reimburse multiple water utility capital projects, including costs already incurred for a recently purchased reservoir and the design/construction of a master pump station and raw water transmission main. The council adopted the enabling ordinance authorizing up to $250 million in aggregate water/sewer revenue bonds and then approved a bond resolution to issue a first tranche (estimated $58.3M principal plus premium, net project proceeds ≈ $60M) to…
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