Belmont officials recently decided to refinance its sewer treatment facility bonds, a move they say would save the city’s ratepayers $3.5 million in debt service.
“We’ve built a sophisticated fiscal plan to serve our residents by keeping our sewer rates from becoming a burden,” City Manager Afshin Oskoui said in a press release. “Council’s approval of our proposal was prudent and timely given the rising costs of everyday living for our community members.”
In 2008, Silicon Valley Clean Water initiated its Capital Improvement Program to replace and rehabilitate the wastewater conveyance and treatment systems, after determining that the majority of its infrastructure were beyond their useful lives and needed replacement. Cost of the CIP, known as the RESCU program, has grown significantly to now more than $950 million, of which 9.45% is allocate to the city.
“We’ve found our solution by combining a cash contribution to lower the amount we have to borrow, with shortening bond term from 20 to 12 years, thus getting a lower interest rate, which has resulted in a saving of $3.5 million in debt services,” Oskoui said.
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