Impact on Water Rates: The amount authorized by the ordinances does not by itself show what Wilmington customers ultimately will pay. And, the council agenda does not specify what effect the borrowing could have on future water and sewer rates, the interest rates the city expects to receive or whether any of the state revolving-fund loans could qualify for principal forgiveness.
Seven bond ordinances would finance water mains, pumps, sewer work and a PFAS pilot; one also permits up to $20 million in temporary financing
By George Rotsch, Delaware LIVE
WILMINGTON, Del. — Wilmington City Council is scheduled to consider seven bond ordinances Thursday night authorizing up to $95.2 million in permanent borrowing, much of it for water and sewer infrastructure that residents rarely see but ultimately help finance through city revenues and utility rates.
Six of the seven proposed bonds, totaling about $75.2 million, would finance water and wastewater projects through Delaware’s state revolving loan programs. The remaining ordinance authorizes up to $20 million in general obligation bonds for projects included in the city’s fiscal 2024 and 2026 capital budgets…