COLUMBUS - Local leaders have approved the city's largest bond amount to date.
City Council unanimously authorized the issuing of up to $9.9 million in revenue bonds to finance Phase 3 of the Wastewater Treatment Plant Expansion Project Monday night.
City Administrator Joe Mangiamelli says Phase 3, along with the currently underway Phase 2, will increase the plant's capacity.
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“In our expansion we're going to build new facilities on the protected side of the levee which will increase our ability to treat the wastewater that comes to the plant.”
After a presentation by the council's bonds advisor, leaders approved an amended version of the ordinance, which raised the bond limit from $9.7 million to $9.9 million, to potentially save $300,000 with discounted interest rates.
http://media3.floodradio.com/columbus/2015/07/Mangiamelli-WW-2.mp3
“The proposed way was going to be under a premium sale,” Mangiamelli shares. “So taking advantage of a discount market versus the premium market he believes that there is a better opportunity for the city to sell the bonds, and at a discount rate.”
Mangiamelli says the project has been included in the city's capital improvement plan and is being paid for in citizens' water bills.
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“The sewer portion is what is going to pay for this thing, and those rates are built into our schedule over the next several years to help pay for these improvements that we are making.”
As a part of the Phase 3 Improvements council also approved $844,080 to be paid to HDR Engineering, Inc. out of Lincoln for design services.
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