Berlin officials held a first reading on Feb. 26 to seek a bond to fund electric meter upgrades and a new public works facility.
Money would cover electric upgrades, new public works building
By Charlene Sharpe, Associate Editor
Berlin Town Council
File photo
The Town of Berlin will seek a bond to fund electric meter upgrades and a new public works facility.
The town council held a first reading on the measure Feb. 26, and a public hearing is set March 11.
“This ordinance will allow the mayor and council to go to the bond market,” David Gaskill, the town’s attorney, said.
Berlin officials began discussing the possibility of seeking the bond last month. Staff said there was a need for AMI electric metering, as it would be more accurate and would cut down on the staff time used to read meters. The new metering is expected to cost $1 million.
“They’re down to pen and paper right now which is not a good way to be reporting,” Mayor Zack Tyndall said at the time.
Because the town was interested in the possibility of general obligation bonds to fund the electric meters, Tyndall said it made sense to also include funding for a new public works facility. The building the town currently uses for public works was meant to be temporary and is lacking heat and air conditioning.
If the town seeks $2.8 million for a new public works facility, the total bond would be $3.8 million. Staff said the town’s electric fund could handle the annual debt associated with its portion of the proposed bond, which would be $80,000 to $90,000 a year. The general fund portion of the bond tied to the public works facility would come with an annual debt of about $185,000.
The town has the opportunity to participate in a municipal bond issuance in April. Now that the bond ordinance has been introduced, a public hearing on it is set for March 11.