A pair of water and sewer projects will be funded by $21.56 million in bonds under a plan approved Wednesday night by the North Las Vegas City Council.
Without discussion, the council agreed to sell up to $11.56 million in bonds to cover the cost of rehabilitating three groundwater wells that have holes in the steel casing pipe, according to a report prepared by North Las Vegas Utilities Director Randall DeVaul.
Taken together, those three groundwater wells provide roughly 10 percent of the city’s annual water usage. Due to the damaged wells, the city has already purchased $891,000 of surface water from the Southern Nevada Water Authority to keep the city hydrated during the first seven months of the year, DeVaul said.
The City Council also agreed to sell another $10 million in bonds to rehabilitate more than 38,000 feet of deteriorating concrete sewers on Losee Road, Carey Avenue, Pecos Road and Cheyenne Avenue.
Anticipated interest rates for both sets of bonds is expected to be less than 2.5 percent over 20 years, DeVaul said.
Contact Art Marroquin at email@example.com or 702-383-0336. Find @AMarroquin_LV on Twitter.