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Arcata OKs $3.5M interfund loan to advance $12M water main replacement project
Summary
The Arcata City Council adopted a resolution authorizing an interfund loan of up to $3.5 million from the wastewater fund to the water fund to advance replacement of aging steel water mains after receiving bids that lowered cost estimates. Staff outlined repayment terms, alternatives, and potential rate implications.
Arcata — The City Council on April 2 adopted a resolution authorizing an interfund loan of up to $3.5 million from the wastewater fund to the water fund to move forward with a long-delayed steel water-main replacement project.
Finance Director Tabitha Miller told the council that the project's current engineer's estimate was $14.5 million, but bids returned on March 27 came in lower. "The low bid for construction was approximately $10.8 million," Miller said, and staff is projecting a $12 million total project cost after adding pre-purchased equipment and a roughly 7.4% contingency. Staff previously pre-purchased about $400,000 in…
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