Poughkeepsie approves reservoir bonding

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POUGHKEEPSIE – A long-needed project to construct a new reservoir for the City of Poughkeepsie and portions of the neighboring Town of Poughkeepsie will proceed, with approval of bonding.
The maximum project cost is just under $11.7 million. 
For that, the city will get a new reservoir at College Hill, and replacement of parts of the distribution lines. Some of the pipes are over a century old. 
The city recently learned it can qualify for hardship financing through
the state Environmental Facilities Corporation.
City Administrator Milo Bunyi told the Common Council that means a significant savings in interest payments.
“On the long term debt of about 25 to 30 years, we could save the city anywhere from two to five million dollars in interest rates,” Bunyi said.
The council unanimously approved the bonding. 




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