CFPUA bond sale means more rate hikes down the road
WILMINGTON, NC (WWAY) — A leaky, out-dated water system means repairs, and that means money. And guess who gets to pay?
The Cape Fear Public Utility Authority board today approved a $52 million bond sale to update the water and sewer systems in Wilmington and New Hanover County.
The system has been plagued by leaks and service problems because of the outdated systems and connections. When the utility was formed it identified $400 million in needed improvements, many of which are required by state and federal law.
The cost of the latest CFPUA bonds will be passed on to users, who will see an increase in their bills in 2013 and each of the following three years.
Board chair Jim Quinn told WWAY the repairs and money borrowed with these bonds is not optional.
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