City will sell $10 million in bonds to get meters
The city of Shreveport, La., will sell $10 million in bonds to get computerized meters for 3,200 large commercial water customers, the Associated Press reported.
The city is losing $350,000 annually, officials say, because 14 billion gal of water get by the current meters.
Plans for the new meters were approved Dec. 23. There were three “no” votes, with opponents saying they think the city may have to raise rates if it cannot pay back the bond money.
The city owes approximately $75 million for 2006 bonds to pay for water and sewer improvements.
The new meters will bring in enough new revenue to pay off the bonds without raising rates, according to Operational Services Director Mike Strong.