Suffolk approves $27M in debt
Published 10:17 pm Thursday, October 8, 2009
After a public hearing on the issuance of up to $27 million in bonds drew no speakers at Wednesday’s city council meeting, the council voted unanimously to approve the move and incur the debt.
The money will be used for water source development, water distribution and transmission upgrades, an operations center and a sanitary sewer evaluation, finance director Dale Walker said before the public hearing.
“It was determined there is a need to enter into the bond market” after meeting with financial advisors, Walker said.
The money allocated for the sanitary sewer evaluation — about $2 million — includes some money dedicated to pump station upgrades and fixing problems found during the evaluation, utilities director Albert Moor said.
The bond sale will take place around the last week of October.