Council adopts ordinance regarding bond issuance for critical water infrastructure improvements
Special to the Reporter
At its Sept. 17 regular meeting, the Mercer Island City Council unanimously adopted an ordinance that authorizes the issuance of bonds to fund critical improvements to the city’s water utility infrastructure. Financing this work through bonds allows the city to spread out the cost of these projects over time, maintaining smooth year-over-year utility rate adjustments for customers and ensuring residents now, and in the future, equitably share in paying for the costs of these long-lived investments.
The city is moving forward with the bond sale. City officials also presented the city’s overall financial position to the credit rating agency, Moody’s Ratings, which affirmed the city’s Aaa credit rating, the highest possible credit rating for a local government. This signals Mercer Island’s strong capacity to meet its financial commitments.
The bond sale is tentatively scheduled for the week of Oct. 21, with bond closing and delivery of proceeds expected around Nov. 7.
For more information, visit: https://www.mercerisland.gov/citycouncil/page/council-approves-strategic-bond-issuance-bond-sale-moving-forward-critical-water