Bond Issue - Water System Project
3/1/2026
On April 7th, 2026, you will have the opportunity to voice your opinion on a crucial matter that directly impacts our City. Seligman is asking you to vote on the issuance of combined waterworks and sewerage system revenue bonds in the amount of $10,000,000. This funding aims to extend and improve the City’s combined waterworks and sewerage system, including acquiring land and rights of way, as well as the cost of operating and maintaining the system. In addition to the systemwide repairs needed, these bonds will be leveraged to seek grants (that NEVER have to be repaid) and low interest rate, long-term loans.
Why Vote a Bond?
Our City can borrow anytime, without a vote, using lease obligations. However, with voted bonds we become eligible to participate in a 20-year, 2% subsidized interest rate program. If we use non-voted obligations, our interest rates more than double to 4.50% or higher.
Voted bonds also help us become eligible for grants. Grants NEVER need to be repaid. These potential financial benefits significantly reduce the financial burden associated with this project.
How Much?
The cost of our project is anticipated to be $9,200,000, with the possibility of a 40% grant and a cash contribution from the City of $1,000,000, we can significantly reduce the costs to the customers. When we issue the needed bonds, the increased cost per connection will require an additional $12.48 per month, per connection or about $0.41 per day. If we move forward without a vote, that cost climbs to about $40.62 per month, per connection.
These bonds will be solely payable from the revenues derived by the City from water and sewer user fees. In other words, there is NO TAX INCREASE associated with this bond issue.
Your Vote Matters
Your decision will help shape the future of our community. We strongly encourage you to consider the information provided, so you may make an informed decision that aligns with the best interests of our City. Our Board of Aldermen unanimously voted to place this on the April 7th ballot. They urge everyone to please take vote on this important City-wide improvement.
PLEASE VOTE!
Stay Informed:
We’ll have a public meeting, at the City Hall on March 23rd, 2026, at 6:00 PM. We strongly encourage everyone to attend to discuss and better understand this important project.