The City is advancing financing for the Wastewater Treatment Utility expansion through the Indiana Finance Authority’s State Revolving Fund (SRF) program. On September 29, the Board of Public Works considered a resolution recommending the project and its financing. The City’s application to the Indiana Finance Authority is scheduled for submission by October 1.
The proposed financing will return to the West Lafayette City Council in two steps. Council is scheduled to introduce the bond ordinance on October 5 and consider final adoption on November 2. Closing with the Indiana Finance Authority is currently anticipated in December.
This financing is separate from the wastewater utility’s regular rate adjustment. The expansion adds treatment capacity to accommodate anticipated residential, commercial and industrial development. The City’s financing plan anticipates revenues generated by new development will support debt service associated with the additional capacity rather than requiring an additional rate increase for existing customers specifically to pay for the expansion.