Springfield to Issue Bonds for Sewer Improvements
The City of Springfield will issue $41 million of bonds for sewer system improvements. The money will be used to complete sewer improvement projects outlined in the Early Action Plan and the Overflow Control Plan, according to a news release from the city.
The bond sale will finance an expansion of the anaerobic digester at the Southwest Wastewater Treatment Plant, according to the city, as well as the rehabilitation of around 100,000 linear feet of clay pipe to reduce excessive inflow and infiltration within sub-basins.
The bonds have been rated Aa2 by Moody’s Investor’s Service. “We anticipate the city’s financial operations and reserve position will remain stable in the near-term given continued improvement in financial metrics including liquidity and General Fund balance,” Moody’s said in a news release issued about the bonds.
The bonds will be repaid with sewer revenues. They’re expected to be offered to the public the week of May 11th. Local individual investors interested in purchasing the bonds will receive priority access.
For more information, 886-8005.