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Decorah council authorizes $5.152 million sewer revenue bonds for wastewater plant upgrade
Summary
The council approved a resolution authorizing $5,152,000 in sewer revenue bonds (series 2025) to cover a wastewater treatment plant upgrade and bond closing costs; staff said current rates will cover debt payments and this debt will not be paid with property taxes.
The Decorah City Council unanimously approved a resolution authorizing a loan and disbursement agreement for $5,152,000 in sewer revenue bonds, series 2025, to fund an awarded wastewater treatment plant upgrade and related closing costs.
City staff opened a public hearing required for authorization of revenue bonds; no public comments or objections were recorded. Staff said that the bonds are revenue bonds (not general-obligation), that current sewer rates are sufficient to cover the anticipated debt service as reviewed by the city’s financial advisor, and that the budget will be amended to reflect the revenue and expenditures for the project.
Councilmembers thanked staff for the work on the multi-year infrastructure project and noted that some nearby municipalities are facing substantially larger wastewater-project costs and correspondingly higher rate increases. The resolution passed on a roll-call vote with all members present voting aye.
