Bonds designed to enhance the City of Plymouth’s infrastructure will be further considered in April.
The Plymouth Common Council met Monday night to review two ordinances that, if approved, would issue bonds for different purposes. The City is considering the issuance of debt for projects in both waterworks and sewageworks.
Plymouth City Attorney Sean Surrisi presented information to the Common Council.
“We had the special meeting a couple of weeks ago where these were discussed in detail, and this is just the first reading,” says Surrisi.
Revenue generated through the waterworks revenue bonds would provide funding to construct additions, some extensions, and a few improvements of to the city’s water systems.
Bond revenue generated for the sewage system will be utilized a bit differently. If approved, new monies would largely be focused to refinance existing debt, although the ordinance does allow for upgrades. The City of Plymouth has previously conducted work to the sewage system.
Refinancing bond payments can often lower monthly obligations. Reading from documents used by the council, Surrisi says the ordinances would repeal existing ordinances inconsistent with the bond issuance.
“An ordinance of the City of Plymouth authorizing the current refunding by the City of its sewageworks revenue bonds of 2008,” says Surrisi.
Little was said on the ordinances in question. The Plymouth Common Council met for under 10 minutes, Monday night.
The two ordinances will come back for further consideration at the Common Council’s next meeting in April.