Cold Spring board approves up to $250,000 in bonding for wastewater repairs

The Village of Cold Spring Board of Trustees on March 4 adopted a bond resolution authorizing issuance of bonds or a bond anticipation note in an amount not to exceed $250,000 to finance repairs at the village wastewater treatment plant.

Finance staff and engineers told trustees they had originally considered borrowing up to $400,000 but, after discussions with bond counsel and engineers, narrowed the package to about $250,000 to cover four priority projects: replacement of RAZ pumps (the largest single item), repairs to the chlorine contact chamber, and clarifier rehabilitation. Staff said better engineering estimates will be available before any final drawdown.

"I will make a motion regarding resolution 8 authorizing the issuance of bonds and a principal amount not to exceed $250,000 to finance the construction of improvements to the wastewater treatment plant," a board member read aloud as the resolution was offered for adoption. The resolution package was made available in full on the village website and in the meeting room, staff said.

After discussion, the board took a roll-call vote. The clerk read votes from the trustees and the mayor; the resolution passed by a unanimous roll-call. Trustees said the financing approach (a BAN rather than a long-term mortgage-style bond) leaves flexibility as engineering details firm up and interest rates are monitored.

The vote is procedural authorization to issue debt; staff said additional steps and engineering documentation will precede any actual borrowing or draws from the authorization. The board did not set an immediate draw date; staff described April and May budgeting milestones when final decisions would be scheduled.