Columbia Water Seeking Debt for Capital Improvements
COLUMBIA, SC (WIS) – COLUMBIA, SC (WIS) – The City of Columbia voted to approve the second reading of an $85,000,000 bond ordinance sought from Columbia Water at Tuesday’s council meeting.
Clint Shealy, deputy city manager of Columbia Water, said the bond issue was considered during a rate study for the 2021-22 fiscal year. At the same time, a rate increase of 5.02% took effect on July 1, 2021.
“You look at what was envisioned as a $120,000,000 list of projects. We funded some of this work in cash. But now they’re mature enough to go on the streets, to go into construction,” Shealy said on Friday.
These projects include the construction of a $45,000,000 alternative water supply house on Broad River. This, along with a complete replacement of the water line of the 80 year old pipes in Rosewood.
“We are committed to completing these projects in our capital improvement program…we will be selling debt to fund the rest of this work.” We don’t sell that debt until we absolutely need those dollars to service it.
The incoming bond order will not affect the current cost of water and sewer. However, city council members say rate increases are expected for the next fiscal year.
Notice a spelling or grammatical error in this article? Click or tap here to report it. Please include the title of the article.
Copyright 2022 WIS. All rights reserved.
Comments are closed.