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City of Elko outlines $14.1M SRF water modernization, three-year metering rollout
Summary
City of Elko told the Debt Management Commission it plans a roughly $14.1 million SRF-funded water modernization bond with 1% interest and partial principal forgiveness and will move to install water meters over about three years, shifting many flat-rate customers to metered service.
Julie Davis, Financial Services Director for the City of Elko, reported that the city expects about $14,100,000 in SRF-funded financing for a water modernization program that includes meters, pits and related software, noting the loan would carry about a 1% interest rate and include partial principal forgiveness. "We're actually the last place in Nevada that hasn't gone to meters," Davis said, and described plans to replace and upgrade meters and convert flat-rate accounts to metered billing.
Davis said the city is targeting a three-year timeline to complete the meter rollout and has a new rate structure that took effect July 1; the plan also includes a temporary $5 capital improvement fee for flat-rate customers to help fund the project. She said metering should improve leak detection, allow the city to track consumption more accurately and support the water conservation plan the city must report to the state.
