CHESTERFIELD — In a special meeting Tuesday, Chesterfield Town Council heard options for financing a mandated wastewater project.
The $1.5 million project would update Chesterfield’s treatment plant to remove phosphorus from the town’s wastewater.
The council asked advisors from the firm Baker Tilly to find options for financing with an eye on keeping rates near current levels, $65.05 for 4,000 gallons.
Andre Riley of Baker Tilly detailed several options for the council. The one that would keep rates the lowest would involve tapping into the state’s Sinking Revolving Fund to refinance a 2007 bond at a lower interest rate over the 40-year lifespan of the treatment plant.
According to Riley, that refinancing option would limit a rate increase to $5 per 4,000 gallons.
“Unfortunately, Chesterfield has been put in this position, and we’ve got to make improvements. We don’t have any choice,” council president Ed Leonard said of the mandated project.
“We’ve got to move forward, and I appreciate Andre and the team understanding that we want to keep the rate increase at the extreme minimum.”
As the pieces of the plan come together, the council will propose a rate sometime in September. A public hearing would follow.
In other town of Chesterfield business, former council President Scott Hardin resigned before the meeting and was replaced by his wife, Amy, who will serve the remainder of his term on council.
Leonard was unanimously approved to serve as council president.
The council’s next meeting will be July 13.