Feb. 27, 2013 | Oregonlive.com-- The Portland City Council on Wednesday will consider authorizing up to $185 million in revenue bonds to pay for new Water Bureau construction projects and refinance old debt.
City officials say the move would allow them to keep less money in reserves, as required under existing terms of earlier bond sales. Debt payments through refinancing would drop by about $200,000 a year, officials wrote, a savings that already has been included in the Water Bureau's financial plan.
On the other hand, new projects paid for through the bond sale would increase annual debt service by about $10.5 million. The ordinance, which faces a formal vote March 6, doesn't list which projects would be funded from bond sales, expected to net the city $161.5 million.
Continuing coverage of the Portland Water Bureau and the rates its customers pay.Ratepayers ultimately pay for Water Bureau construction projects. Rates have more than doubled since the 2001 fiscal year, according to the city.
Earlier this month, Commissioner Steve Novick asked state officials to reconsider giving Portland a delay for costly reservoir improvements. Below is the rate information he sent state officials, comparing Portland's rate increases to Rochester, N.Y., which successfully secured a delay. READ FULL ARTICLE