Posted by Debra Worley - email
WILMINGTON, NC (WECT) - Members of the Cape Fear Public Utility Authority board approved an increase in cost, hoping to pay off debt.
Increases will be $4.00 for fixed sewer charges and $4.00 for fixed water charges per bi-monthly period, meaning you will pay an additional $8 every two months. The increase would apply proportionately to meter sizes greater than 5/8".
The increased fixed costs portion of CFPUA charges will be effective January 1, 2010.
According to a press release, CFPUA issued $189 million in debt in August 2008 to fund critical projects the City of Wilmington and New Hanover County had underway at the transfer of their water and sewer systems.
In order to generate the necessary funds to repay the debt, initial plans of the CFPUA included rate increases to begin in 2009. But, the board took the economic hardships into consideration and postponed the projected rate increase.
Thursday the board decided they needed to increase the rates now, so they could meet its responsibility for debt service payments and to continue making needed improvements to the water and sewer systems.
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