Tonight, the Hot Springs Board of Directors approved a base water rate increase to support revenue bonds, with profits slated to provide both new and existing water infrastructure.
“Water is an absolute essential in life,” said Mayor Pat McCabe. “In my role, one of my objectives is to improve the quality of life for fellow citizens of Hot Springs. I know that these projects will strengthen our water system and increase its capacity.”
The projects include new master control equipment at the Ouachita Water Treatment Plant to prevent system failures during inclement weather or natural disasters; dam failure mitigation to improve the safety of the downstream hazard area; construction of an elevated water storage tank to add three million gallons of water capacity; and implementation of the Lake Ouachita Water Supply Project, which will yield a new source of potable water to residents of Hot Springs and surrounding clients.
“Through these projects, the City of Hot Springs is ensuring clean, quality water for its residents over the next half century,” said City Manager David Frasher. “We know that these investments are better to make while they are preventative measures, and careful planning has now made them within our reach.”
Analyzed by Willdan Financial Services, these updates require nearly $113 million in additional revenue to avoid generating debt. Through considerable financial planning, the City of Hot Springs has successfully minimized impact on individual customers through an incremental rate increase, with the average residential user spending an additional $1-3 per month. The revenue bonds will first be issued in 2018 and continue through 2022 in order to fund all four of its planned infrastructure projects.
To learn more about the ongoing water infrastructure projects, visit www.cityhs.net, connect on Facebook or follow the city on Twitter.