NEWS HEADLINES

Bond sale planned for water, sewer improvements

By Racey Burden | Published Saturday, June 16, 2018
Tags:

Share this page...

The city of Bridgeport plans to issue up to $2.5 million in certificates of obligation to pay for water and sewer system improvements.

Financial advisers from PFM attended the city council meeting Monday to discuss financing the improvement projects. The city can issue bonds up to $2.5 million, but may not exceed that amount, and if engineering costs come under $2.5 million they may issue less.

Competitive sale of the bonds will start July 23, pending council approval. After a bank bid is chosen, the certificates of obligation will be paid for by ad valorem taxes and some of the revenue from the city’s water and sewer fund over 20 years.

Public Works Director James Elliott said he doesn’t yet know the final project cost of the system improvements.

“The big [project] is the raw water quality treatment during the late part of the summer,” Elliott said.

Mayor Randy Singleton said this project is tied to the water rate increase passed earlier this year.

“We raised the rates so that will come back to pay this off,” Singleton said. “… As you remember, we were running our water and sewer [fund] at $1.2 million in the red, and we raised the rates to get us out of that but that doesn’t long-term fix the infrastructure. That’s where this kicks in.”

The council authorized the publication of a statement of intent to issue certificates of obligation.

TAKING OUT THE TRASH

The council also discussed creating an ordinance regulating trash can storage.

“We have become a city of deplorable waste receptacles,” councilwoman Kathy Kennedy said. “After the [trash pick-up] cycle has run, you can go down the street at any time and see waste baskets out everywhere. It’s very unattractive, and it’s not what we want for our town.”

City staff plan to draft an ordinance requiring cans to be stored next to the home and moved off the curb 48 hours after trash pick-up.

City Secretary Erika McComis reminded the council any regulations would have to take into account the elderly and disabled.

Singleton announced City Hall will be closed June 18 for software updates.

Leave a Reply. Note: As of March 24, 2011, all posted comments will include the users full name.

WCMessenger.com News and Blog Comment Guidelines

You must be logged in to post a comment.