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CFPUA bond sale means more rate hikes down the road

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WILMINGTON, NC (WWAY) -- A leaky, out-dated water system means repairs, and that means money. And guess who gets to pay?

The Cape Fear Public Utility Authority board today approved a $52 million bond sale to update the water and sewer systems in Wilmington and New Hanover County.

The system has been plagued by leaks and service problems because of the outdated systems and connections. When the utility was formed it identified $400 million in needed improvements, many of which are required by state and federal law.

The cost of the latest CFPUA bonds will be passed on to users, who will see an increase in their bills in 2013 and each of the following three years.

Board chair Jim Quinn told WWAY the repairs and money borrowed with these bonds is not optional.

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How does a wash-out who

How does a wash-out who couldn't get re-elected to the relatively menial position of Wilmington City Council manage to float to the top of this fine entity called the CFPUA?

Jim Quinn says this debt cast onto the backs of the rate payers is "not optional"???

This board needs to be run by engineers, not ersatz real estate developers who got away with not paying for infrastructure while lining their pockets.

Just

ANOTHER out of control GOVERNMENT organization....called down there to cancel my "service" the other day...CAN'T...must have a completed HUD statement...I asked if it was a service...WHY I couldn't drop it...said I couldn't...I then said...IT'S A TAX THEN...if you force me to pay for your service..it ISN'T a service at all...if I call Progress Energy and cancel my electric SERVICE...they could care LESS why....

Course...CFPUA is being used as a SCAPE GOAT because our ELECTED leadership can't and WON'T do their jobs!

7969, I'd more want to

7969, I'd more want to describe CFPUA as a poison pill rather than a scapegoat.

Look at how many of our "elected" officials are allied with real estate development and construction related fields; both in Wilmington and New Hangover County.

I hope that Surf City Tom will forgive me for stealing one of his turns of phrase from another thread.... I would vote for a porch monkey before ANYONE related to real estate in the upcoming election cycle.

No Offense Taken

by yours truly.

I can not speak for the porch monkey. But if he could speak, he would note this bond referendum will take 25 years to repay, not 3 or 4, as have been alluded to.

He would also ask how many peanuts and bananas could be bought for $75,000,000.

Shameful

CFPUA will never stop finding any excuse to raise rates. The organization is a clear example of the failure of consolidation. How do can they just keep deciding on rasing rates constantly? They need some SERIOUS oversight. I am tired of them taking us all for a ride.

Bet that bottom dollar

The top management will get raises, bonus amounts and other perks. Cutting cost is never an option in any government or in the cFUpua quasi-government agency.

More and More

I am sure over this past summer the CFPUA has seen people's water bills go way down. We put in a well my bill from them was for April - June it was $424.53 my last bill June-August $84.16 and we aren't the only ones in my subdivision that did it. I seen one company put in 4 in 1 week.. What did they expect for us to keep paying and paying.

Again

WTF , again !!!!!

Elderly

I really feel bad for the elderly living on a fixed income. They haven't received a raise in (I think) 2yrs now but this is going to be CFPUA second raise in 1 year. They just got a 14% raise which started May 1st 2011. How are these people going to keep up ???

As with most commodities...

as the price goes up, consumers will use less. As the CFPUA escalates their price increases, customers will continue to use less and less thereby decreasing the total revenue received by the CFPUA. And as the revenue continues to decrease...the price per gallon will continue to increase.

What sad is the City and County, for years, neglected the sewer and water systems in this area...kicking the "maintenance can" down the road year after year...and now we're paying the price.

A consultant was recently hired by the CFPUA to "examine" whether the Authority could be operated in a more efficient manner...and the results showed they are already operating efficiently. What a joke! The CFPUA is one of the most top-heavy quasi-governmental boondoggles to come down the road in a long time.

WHO DO WE THANK FOR THIS

We can thank our county commissioners for getting the county taxpayers tied to the problems of Wilmington and having to help pay for.Wilmington is sucking the county taxpayers dry,and the county commissioners are the worst bunch i every seen on being able to us taxpayers money and controlling how they are getting suck in to all of Wilmingtons problems just look at what is going on with the trash collection.

You might

want to check your math. The bond amount is somewhere north of $50 million. Repayment will commence in 2013. That will mean a rate increase in fiscal year 2013. But, it will take more than 3 or 4 years to repay. I believe they are proposing a 25 year payment schedule. If the debt service is $3 million per year; and there is a 25 year payment schedule, then there would be debt service of around $23 million over the bond term.

CFPUA

Well slap my face and call me stupid! Already calling for increases in 2013, 2014, 2015, and 2016. That's on top of the 3 increases we've had in the past year or so. Why don't we all just dig our own graves and crawl right in? That's the only way we'll ever see any relief from these money hungry, money grabbing a$$holes.

cfpua

CFPUA has board members on our city council, but not Brian Berger, and thats another reason to drum him out.