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Tazewell holds first reading on up to $15.5M water and sewer bonds; public hearing scheduled
Summary
Council conducted first reading of an ordinance to authorize up to $15.5 million in general-obligation water and sewer bonds to finance wastewater treatment plant rehabilitation and set a public hearing/second reading for Aug. 12.
The Town of Tazewell held first reading of an ordinance authorizing the issuance of general-obligation water and sewer bonds in an aggregate principal amount not to exceed $15,500,000 to finance rehabilitation of the town’s wastewater treatment plant and pay related issuance costs.
Mayor Michael Oost read the public notice announcing a public hearing on the proposed bonds and the council’s intent to take a second reading on Aug. 12. The notice said the bonds would be secured by the town's full faith and credit and also by revenues from the water and sewer systems.
The ordinance as introduced sets standard parameters for maturity (not to exceed 40 years), interest and sale procedures and directs the town clerk and town attorney to file certified copies in the circuit court as necessary. Council did not adopt the ordinance at tonight’s meeting; it was placed on the agenda for the statutory second reading and public hearing.
Leanne told council that some project work is already in planning documents and that a range of related water and sewer projects would be eligible uses. Council members asked about the status of grant and Rural Development contacts that could affect timing; staff said Rural Development has received initial architecture reports and the town is awaiting further guidance on release of funds.
Next steps: the council will receive public comment at the scheduled hearing before taking final action on the ordinance and bond authorization.
