The northern Colorado town of Greeley is considering selling $35 million of bonds to pipe water from its plant in Bellvue. The Greeley City Council will introduce an ordinance next week to authorize the competitive revenue bond sale later this month.
Water users and new businesses would pay for the $35 million of debt to continue expansion of a water pipeline from a water treatment plant in Bellvue to the city. Greeley finance director Tim Nash said Greeley would probably need $22 million more in bond money for the project in another two years.
Officials say the 30-mile pipeline would use gravity to bring water from the foothills to the west to Greeley on the eastern plains at a cost of $2 million per mile. Greeley will also get permits to expand its Milton Seaman Reservoir northwest of Bellvue.
Water rates would rise by about 9% per year for 10 years to finance the project. Water rates increased 7% this year compared to 2007, officials said.