Board tables decision on returning construction-account balances to bond funds, asks staff for long-term project list

Board members on June 3 discussed remaining construction-account balances from prior bond issues and whether to refund the sums to the bond bank or apply them to ongoing capital needs.

Staff summarized the accounts remaining after the 2020 A/B bond projects and an Indiana bond-bank account; examples discussed included amounts tied directly to specific projects (Bank of New York construction remaining approximately $5,867.31 and other referenced balances). Some board members argued these amounts should be returned to the bond bank as they relate to projects with long repayment terms; others favored retaining funds for durable capital work (for example, steel frames or lift-station hardening) that would outlast a pump lifespan.

Given differing views, the board voted to table any transfers and directed staff to compile a list of candidate long-lived capital expenditures for review at the next meeting so members could assess whether spending the funds or returning them to pay down bonds would be better for ratepayers.

The board asked staff to prepare cost estimates and project descriptions and to present options for where the funds could be assigned before making a reallocation decision.