THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Friday, November 11, 1994 TAG: 9411100164
SECTION: PORTSMOUTH CURRENTS PAGE: 08 EDITION: FINAL
TYPE: Cover Story
SOURCE: STAFF REPORT
LENGTH: Short : 34 lines
The city's utility rates may go up, but residents will still be getting a break thanks to a $23 million bond referendum that will mean improvements to aging water and sewer systems.
Residents voted by a 3-to-1 margin Tuesday to approve the referendum which means improvements to systems in Cradock, West Cradock, Truxtun, Highland-Biltmore, Brighton/South Portsmouth, Simonsdale and along Mayflower Road.
The city's water rates will go up, but James R. Spacek, director of public utilities, said the increase will be smaller than if the referendum had failed. By approving the bonds, Spacek said, voters saved the city thousands in interest payments. The referendum allows the revenue bonds issued for the improvements to be ``backed by the full faith and credit,'' of the city. Without that backing the city would have been charged a higher interest rate.
It is impossible to predict by how much the rates will increase until the interest rate is set and the bonds are released, Spacek said. MEMO: Related election story on page 8.
KEYWORDS: ELECTION BONDS PORTSMOUTH UTILITIES DEPARTMENT SEWER by CNB