The State of Missouri offers low-interest financing for capital sewer projects. In order to qualify for the financing, the State requires the approval of the city’s voters. In 2008, the City succesfully received this approval when voters overwhelmingly approved Question 1 for the sewer improvment bond project.
Through this project, the City will issue a $35 million bond for additional sewer capacity and to meet new environmental regulations.
By utilizing the State of Missouri’s low-interest financing, the City will be able to reduce otherwise projected increases in sewer rates necessary to repay the revenue bonds for the sewer plant expansion.
Because voters approved the issuance of these bonds in 2008, project costs will be reduced by an estimated $12 million over the 20-year financing period in which the plant expansion will be paid for.