Council authorizes $2.5M in water revenue bonds for various projects

Newton City Council authorized and approved a loan agreement to issue more than $2.5 million in water revenue bonds for a number of WaterWorks projects. According to city documents, the bonds will pay for water meters, pump station equipment, wells, water treatment plant improvements and water lines.

In September 2024, the city council held a public hearing in regard to the issuance of water revenue bonds not exceeding $2.9 million. The approval of the bond purchase agreement on Dec. 3 was the next step in the bonding process. In total, the city is borrowing $2,529,000 to be repaid solely with the water fund.

Replacing standard water meters with smart meters is something the city has strived for ever since voters allowed the council to take over the management of Newton WaterWorks. According to the City of Newton’s capital improvement plan from FY25 to FY29, the smart meters will help decrease operating costs.

Smart meters may also improve the accuracy of water usage readings. The CIP shows the city wants to invest $1.5 million in smart meters over the next five years. From FY25 to FY29, the city wants to set aside $300,000 each year for the installation of smart meters to replace existing meters.