City to consider $6 million water, waste water bond
By Matt Ward
With several million dollars worth of debt set to come off the books in the next two years, the Fredericksburg City Council will consider replacing that debt with a new $6 million utility revenue bond package during their next regular meeting Monday, July 1.
“The good news is, under your current debt service structure, after the next couple of years, you have enhancement to take on a number of projects as you see fit,” bond counsel Dan Wegmiller said during a special meeting of the city council Monday evening. “That $6 million could be fit within your current debt structure easily.
City staff presented a seven-project package totaling an estimated $6.03 million, with $2.78 million earmarked for water department improvements and another $3.25 million set aside for wastewater treatment projects.
“We’re not planning on coming back on another (water/waste water) bond issue for several more years,” City Manager Kent Myers said.
Internal discussions between Myers, Director of Public Works Clinton Bailey and Assistant City Engineer Kris Kneese trimmed $1 million off the original $7 million price tag of the bond package.
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