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Norwalk council approves street rehab plan, private stormwater policy and IRS rebate payment
Summary
Council approved a set of routine resolutions Oct. 16: an IRS arbitrage rebate payment tied to 2021 bonds, a resolution to order construction and take bids for the Legacy Area street rehabilitation, and a private stormwater improvements policy that caps city participation at $20,000 per project.
Norwalk — At its Oct. 16 meeting the Norwalk City Council approved several resolutions addressing capital maintenance and municipal finance.
Finance staff explained an IRS arbitrage rebate obligation tied to the city's 2021A general obligation bonds. Jean said the bonds earned interest in the market over the life of the projects; the IRS requires repayment of excess earnings and staff said the city must remit roughly $15,000 with a reported total earnings amount of about $123,000. Council voted to approve the resolution to pay the rebate; staff noted the payment is due Oct. 30.
Council also approved preliminary plans and directed staff to take bids for the Legacy Area street rehabilitation project, which will include Colonial Parkway and Legacy Circle and work on pedestrian ramps and pavement striping. Staff said construction is anticipated in the spring.
Additionally, council adopted a private stormwater improvements policy to provide a mechanism for limited city financial participation in privately owned drainage facilities such as detention ponds. The policy requires private‑party participation, generally limits the city contribution to an equal share of project cost and establishes a cap of $20,000 per project (with some flexibility subject to council and CIP decisions). Staff said requests of this type appear roughly once every couple of years and will be considered during CIP budgeting.
