Posted: August 08, 2025
Rapid City
Agenda Item Summary

Agenda Item Ref. #: PW081225-10

Agenda Item Title:

Resolution No. 2025-102, A Resolution Relating to the Improvement of the Municipal Drinking Water System; Authorizing and directing the Issuance and Sale of a Revenue Bond

Origination Group:
Public Works Committee
Origination Meeting Date:
08/12/2025
City Council Hearing Date:
08/18/2025
Staff Contact:
Daniel Ainslie
Agenda Item Summary:
The City has received approval from the state Department of Agriculture and Natural Resources (DANR) for a $3,932,000 30 year loan at a rate for 3.5%. The loan will provide the upfront capital necessary for the completion of the Well #4 upgrades. The Well #4 improvements was included in the 2023 rate analysis. The attached resolution authorizes the issuance of bonds which would be repaid through a monthly surcharge. This was contemplated in the 2023 Water Rate Cost of Service analysis. It will not result in a change to the monthly water utility bill for customers.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

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