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Nixa approves up to $20 million in special-obligation bonds for water and wastewater projects
Summary
The council approved a bond ordinance authorizing up to $20 million in special-obligation bonds to fund a water tower ($8M), a sludge holding basin ($3.5M) and a regional lift station ($8M); staff outlined a timeline for bids and noted a Moody's rating call.
The Nixa City Council approved the second reading of an ordinance authorizing not-to-exceed $20 million in special-obligation bonds to finance three major infrastructure projects.
Finance Director Jennifer Edmonson told the council the package covers an $8 million water tower, a $3.5 million sludge holding basin at the wastewater treatment plant, and an $8 million west regional lift station. She outlined the near-term timeline: competitive bids will be received May 19, council will review the bond sale results at the May 26 meeting, and bond proceeds are expected to be received June 2. Edmonson said the city had a Moody’s rating call and expects an encouraging preliminary outlook.
Council members asked how debt service would be covered and whether the enterprise funds and rate structures had been modeled; Edmonson said staff and the city’s engineers had run multi-year scenarios and that the bonds are structured as special obligations to be paid through annual appropriation and enterprise revenues. The ordinance passed on second reading by roll call.
The vote allows staff to proceed with the sale timeline and return with bid results and final approval of the sale terms.
