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Newport News' main source of water is the Chickahominy River, but they also own and operate five reservoirs.
Williamsburg Plans to Buy Water from Newport News; Deciding how to Float the Bill
Brendan O'Hallarn
Posted: Friday, January 9th, 2009
Williamsburg’s long-planned purchase of water from the City of Newport News hasn’t yet been approved by City Council, but council members heard a presentation Thursday how the city could best afford the $12.5 million bill.
To deal with projected growth, city officials have struck a draft agreement with the City of Newport News for up to two million gallons of water, per day, as water needs arise.
The city proposes taking $2.5 million from savings and covering the remaining $10 million with a 10- or 15-year bond.
The city is looking at various financing options for the bond. Council members heard a presentation on Thursday outlining the options for absorbing the bill.
Currently, Williamsburg’s water source is the Waller Mill Reservoir, except in times of drought, when the city buys water from the Newport News system.
The city expects ultimately to receive the water from the proposed King William Reservoir, an almost $300 million project that involves damming the Mattaponi River in Prince William County.
That project is expected to be completed by 2020, but even if it isn’t, the draft agreement with the City of Newport News provides Williamsburg with the water it paid for.
A public meeting on the proposed bond issue will be held February 12, and a council vote on the project is expected the following month. |
