Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Wauconda authorizes up to $6.6 million in bonds for water and sewer repairs
Summary
Trustees authorized waterworks and sewerage revenue bonds (or alternative general obligation bonds) not to exceed $6.6 million to fund lift station repairs and to support a future wastewater treatment plant rehabilitation. Staff projected a near‑term 9.5% water/sewer rate increase with lower increases in later years.
The village approved an ordinance authorizing the issuance of waterworks and sewerage revenue bonds, or in lieu thereof general obligation bonds, in an aggregate principal amount not to exceed $6,600,000 to pay the costs of improving the village’s waterworks and sewerage systems.
Berta McManus told the board the village lacks reserves sufficient to cover near‑term needs and has two significant projects: a wastewater treatment plant rehabilitation and upgrades required by regulation around 2032 and several lift station repairs. Staff estimated the portion covered by this bond authorization at roughly $5.8 million to $6.6 million and said bids are due soon; the final bond amount will be set once bids are in.
On rate impacts, McManus said the village’s water‑rate study projects a near‑term increase of about 9.5%, with subsequent years trending to near 4–5% once major work is complete. Trustees asked whether the bond will be revenue bonds; staff confirmed they are revenue bonds and that rate impacts are reflected in the study.
The board approved the bond ordinance by roll call.
