Common council approves $2,135,000 water system revenue bonds

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Common council approves $2,135,000 water system revenue bonds. Ehlers public finance advisors gave a presentation on the sale of bonds.

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This Bond is one of an issue aggregating $2,135,000, issued for the purpose of financing
additions, improvements and extensions to the Water System of the City.

The wastewater facility at 1600 E. Wisconsin St. needs to be updated to comply with the Department of Natural Resources’ future phosphorus restrictions of .48 milligrams per liter, which municipalities are required to meet by 2028. But the city won’t be able to get a loan to do the renovations without raising residents’ sewage rates by about 125% over the next five years.

The city’s financial consultant, Ehlers, is suggesting the city raise its residence sewage rates by 25% in 2024, another 30% in 2025, 30% in 2026, and 35% in 2027, which is an 125% increase over that time.