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Council hears plan to use certificate of obligation for treatment-plant, water-meter and other infrastructure projects
Summary
Staff said the bulk of the budget increase is attributable to CO-funded projects including treatment-plant improvements and a water-meter program; staff also noted some CO covenants allow spending on storage-tank coatings and related water infrastructure if numbers permit.
Staff told council that a certificate of obligation (CO) will fund major water and wastewater capital projects in the coming year, and that the CO is the primary reason for the headline budget increase. The presenter said the CO coverage and related debt-service schedule stretches out to mid-century: "We have debt right now that goes out to the 2046," staff said while reviewing the debt schedule.
Council members asked whether specific tanks, coatings and elevated-storage maintenance were included; staff said some tank maintenance could be funded from the CO depending on final numbers and grant awards. Staff also said a grant application on the upcoming agenda seeks about $5,000,000 to pay for a water project; if that grant is awarded, some CO-funded items could be reallocated.
