Q. Was floating a bond for stormwater ever discussed?
A. Yes. The Department of Public Utilities has consistently maintained that our plan is to finance some of our capital projects in the Stormwater Utility with long-term municipal bonds. To position the utility for that, we need to build strength in our financial statements by showing that we have a consistent, predictable revenue stream and that our revenue exceeds our expenses by a reasonable amount. We will likely be in a position to do a debt issue in one to two years.
Q. Are the contractors from 15 years ago still responsible for the projects they've built that have not held up?
A. If the owner of a property -- individual or property owner association -- does not maintain a BMP (Best Management Practice) and the City had a signed maintenance agreement with the property owner, the City can place a lien on the property and maintain the BMP. Many BMPs are being maintained by the property owners (there are approximately 200 in the City, and 50 City BMPs). The City's Stormwater Utility will provide the resources to maintain City BMPs, as well as those abandoned by the property owners.
Posted by Mariane Jorgenson