Description
Title: To authorize the issuance of public utility revenue bonds of the City of Richmond in the maximum principal amount of $314,003,404 to finance the cost of capital improvement projects of the gas, water and wastewater utilities and public utility buildings and facilities for the following purposes and uses: enlargement, extension, repair, replacement, improvement and equipping of the gas plant, gate stations, transmission, distribution and service lines and associated metering equipment; enlargement, extension, repair, replacement, improvement and equipping of the waterworks plant, pump stations,
Summary
On March 11, 2026, the City of Richmond introduced Ordinance No. 2026-069, authorizing the issuance of public utility revenue bonds amounting to a maximum of $314,003,404. These bonds will finance capital improvement projects for the city's gas, water, and wastewater utilities, including enhancements to facilities, repair and replacement of infrastructure, and construction of public utility buildings. The ordinance allows for bonds to be issued as either tax-exempt or taxable and is supported by the public utility revenues generated. The legislation is crucial as it aims to improve essential public services and infrastructure, directly impacting residents' quality of life. A public hearing regarding this ordinance is scheduled for March 23, 2026, allowing community input