SCOTT DEPOT, W.Va. -- The Putnam Public Service District has refinanced two existing high-interest sewer bonds. The refinancing will create $15,000 in revenue for the PPSD, which will be reinvested in public sewer maintenance and repair in the county.
The two existing bonds were used to fund previous projects that expanded the county's wastewater system.
The Putnam PSD was able to secure a reduction in debt service costs by selling a new bond to investors with an approximate interest rate of 4.5 percent as a way to pay off money owed on the two other bonds.
"The new bond will save the district approximately $15,000 per year," Putnam PSD General Manager Mike McNulty said. "As we are community-owned, that is money that can now be reinvested into wastewater system maintenance and upkeep."
The state Public Service Commission approved the new bond on June 25 and it is expected to mature on April 1, 2042.
"We are ever mindful of the debt burden we pass along to the next generation of Putnam County citizens," said Joe Miller, chairman of the PPSD Board of Commissioners. "This new bond will save the district about $400,000 over the next 30 years. We are pleased that the Public Service Commission supported this critical investment in our fiscal future."
District officials expect the $400,000 will help cover the cost of maintaining and replacing aging manholes, sewer lines, and pumping stations.
The Putnam Public Service District is a public, community-owned and operated water and wastewater utility that serves citizens and businesses in the county. For more information on the PSD, visit putnampsd.com.