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Arcola to issue $5.4M in certificates of obligation to fund streets, drainage and wastewater-plant expansion
Summary
City administrator said the city secured a strong rating and plans to use $5.4 million in certificates of obligation for streets, drainage and to expand the wastewater treatment plant to 1.8 million gallons per day.
City Administrator Dr. Annette Goldberg told the council that Arcola went to market and is proposing $5.4 million in certificates of obligation to fund street and drainage work and an expansion of the wastewater treatment plant.
“We went into the market for $5,400,000 for streets, for drainage, and for the wastewater treatment expansion,” Goldberg said, and noted the city received a double-A rating at pricing, which she said will help secure favorable interest rates. She also said the wastewater plant is being expanded to 1,800,000 gallons per day.
Council members discussed that proceeds from the COs will fund multiple infrastructure needs including streets and drainage and that 4B funds would remain reserved until the 4B committee makes recommendations on recreational or community-center spending.
