THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Sunday, November 6, 1994 TAG: 9411040350
SECTION: PORTSMOUTH CURRENTS PAGE: 06 EDITION: FINAL
TYPE: Editorial
LENGTH: Short : 35 lines
Portsmouth voters have an important matter on the ballot Tuesday, a referendum that, if approved, can save them money.
They will be asked to approve the sale of public utility bonds that will cut the costs of borrowing money for water and sewer system improvements.
Many of the projects must be done to meet federal and state requirements. The city has no choice and Public Utilities Director Jim Spacek is looking for the least costly way to get the work done.
Of about $23 million needed for work on the system, about $15 million will be spent for projects mandated by the Environmental Protection Agency and the National Dam Safety Act. The remainder of the money would be spent on a variety of projects including those to upgrade water and sewer mains throughout the city.
Spacek said that voter approval of the bonds will enable the city to borrow the money at a lower interest rate and save taxpayers thousands of dollars over the coming decade.
Voter approval probably would lower the interest rate by as much as .05 percent, he said, and conceivably save $1 million over the life of the bonds.
The vote on Tuesday is not a vote on doing the work.
The work will be done. A ``yes'' vote on the referendum simply will cut the cost of doing it. by CNB