Kingsbury water district considering bond issue
February 25, 2003
A district that provides water to about 2,400 customers on Kingsbury Grade will meet Tuesday to consider signing a resolution that would issue a bond to cover the cost of a $4 million loan.
The loan, along with a $5 million state grant, is needed by the Kingsbury General Improvement District to replace some of its water lines.
The bond will make a rate increase necessary. The rate increase is scheduled to take effect after April. A public hearing will take place in April regarding the fee hike, which is expected to increase $3 a month for the first year.
The loan, along with a $5 million grant provided by the state, will finance a project that replaces water lines this summer and a water tank in 2004.
The special meeting set up for the district’s board of trustees starts at 5 p.m. The public is invited to attend. The district office is located off Kingsbury Grade at 160 Pineridge Drive, Suite A.