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Article: Arkansas Town's $4M Restructuring: Eureka Springs OKs New Plan for Sewers.
- Article from:
- The Bond Buyer
- Article date:
- August 16, 2007
- Author:
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DALLAS -- Voters in the picturesque Ozarks town of Eureka Springs, Ark., on Tuesday approved a plan to refund $1.88 million of outstanding sewer bond debt and issue another $2.15 million for a sewage treatment plant.
The restructuring plan became necessary after the city realized in May there was a $1.6 million shortfall in the sewer fund, and it didn't have enough money remaining of the $4.5 million of proceeds from bond issues in 2000 and 2002 to complete the treatment plant.
Voters approved a measure to refund $550,000 of outstanding bonds from a 1998 sewer issue, 213 for and 41 against, and one to refund $1.33 million from the 2002 issue by a margin ...