IVGID Public Hearing Dec 14, 2011

The Incline Village General Improvement District is having a Public Hearing Dec. 14, 2011 to initiate a Water Bond issue supporting the Burnt Cedar Water Disinfection Plant Upgrade. This project is in response to a Federal mandate to add a second treatment method for surface drinking water sources. The process to developing the project has been ongoing for 3 plus years. Half of the project is being paid from accumulated revenues during that time. The other half is from the $3,000,000 Bond. The District has been able to qualify for a 20 year revolving loan from the State of NV. The loan is projected to have an interest rate of 2.65%. This is by far the lowest cost borrowing the District could find. On Nov. 4 the Washoe County Debt Commission approved the issue to carry a General Obligation (GO) feature. Even though no taxes are expected to be used, taking the action to get this approval, will save the District approximately $190,000. The presence of the GO feature is why the hearing has is being held. It serves as public notice of the Board’s intention to issue the bond. By using the Bond, further rate increases to pay for the project can be avoided. Users of the improvement will pay back the bond. The rate including this debt service was put into place May 2011. If you can’t attend the hearing and want further information, please contact the Director of Finance, Gerry Eick, at 832-1365

You may also like...