Water and sewer rates in Greenville will go up by more than a quarter of their current numbers, starting in October. The Greenville City Council approved a little more than $100 million in bonds to pay for several major water projects at Tuesday’s regular meeting.
The Greenville Herald-Banner reports the city plans to raise existing water and sewer rates by almost 29 percent, starting in October. The city is looking at about $217 million in improvements over the next five years. The city plans to pay for it using two rounds of bonds, with another one next year, also topping the $100 million mark.
The Herald-Banner reports out of nine applicants, the bank with the winning bid for the bonds was Truist Securities. Truist, an investment firm based in Atlanta, Georgia, is charging the city 4.31 percent interest.
Yhe City of Greenville is needing a new water treatment plant, estimated to cost more than $80 million. The Industrial Park area could be allocated about $41 million for infrastructure expansion. And the wastewater treatment plant has been identified for a roughly $50 million expansion.