Loveland City Council Approves Water Bond and Loan

After months of discussion, the City Council approved an ordinance to issue bonds to finance capital improvements to the City’s water system. At the same time a second ordinance passed to take money from the Power Enterprise and move it to the Water Enterprise in order to help defray the cost of the improvements. Staff says the Power Enterprise will not be negatively impacted because the borrowed money will be repaid before the need to implement improvements to the City’s power infrastructure.

The plan also includes a gradual increase in water rates for City customers over the next ten years. The ordinance faces a second and final hearing on July 16. Ralph Trenary was the only Council member to vote against the proposal. He had always vigorously opposed borrowing money from one enterprise fund to pay for another fund’s projects. The Council had spent a year arguing over this issue and finally came to an arrangement that eight of the nine members could support.

This entry was posted in Gov't Affairs, Govt - County Larimer, Govt Loveland and tagged , , . Bookmark the permalink.

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