Middlebury OKs $3M water bond
MIDDLEBURY — A smattering of Middlebury voters on Tuesday passed a $3 million bond to chip away at a mounting backlog of needed repairs to the town’s water system infrastructure during the next three fiscal years.
The bond passed by a 65-28 Australian ballot tally.
Middlebury has 4,368 registered voters.
Money from the bond will be used to tackle a backlog of projects that remain on the to-do list while a substantial portion of Middlebury’s current water fund balance is being applied toward water-related upgrades near the Cross Street Bridge project. Town officials believe it makes sense to expedite water projects at that location while the ground in that area is still ripped up by construction. But this has meant that other projects have had to be delayed.
The $3 million bond will allow the town to take advantage of current, attractive municipal interest rates (currently at around 3.89 percent) and will not result in any increase in the municipal water rates. That’s because annual revenues passing into the water fund would comfortably exceed the bond debt service, with reserves left over for other capital projects.
Town officials have complied a list of 20 water main upgrades that could be covered by the bond money. First on the list: A 1,332-foot-long stretch along Charles and Water streets, for an estimated cost of $177,655. The project would be launched this year.