$5.1 million raised in MLT bond sale will help finance city’s capital projects
By Doug Petrowski
The $5.1 million raised by the City of Mountlake Terrace by selling utility municipal bonds last week will be used to help finance a number of capital projects within the city’s water, sewer and storm water system.
“The improvements to be financed with the bond proceeds include a detention and water quality project, decant facility, Lake Ballinger watershed and water quality project, automated meter reading project, water mains and sewer mains, and any other capital improvements to the system,” said City Manager John Caulfield.
The city lists 17 major capital projects within the water, sewer and storm water utility system targeted for completion from now through 2014. They include a couple projects recently finished or currently underway, such as water main replacements in the Town Center district and under 222nd Street Southwest between 39th and 44th Avenue West.
The 17 projects come with a total price tag of almost $15.9 million; the city plans on financing the work with a combination of the utility bond revenue and “pay as you go” financing.