ATLANTA (AP) - Atlanta officials hope to issue $500 million to
$700 million in new bonds to help finance the city's $4 billion water and sewer system overhaul.
Much of the money would go to refund old debt.
The bond issue set for Monday comes as the City Council studies
a new audit of the city's Watershed Management Department that
questions the way Atlanta has set rates and notes the department's
The city carries a bond rating for the sewer utility one step
above junk-bond status. One step down could mean a substantial
increase in interest rates.
State and federal governments once were expected to pay at least
half the cost of the masive project.
About $3 billion of the work is required by two federal consent decrees that force Atlanta to repair its aging pipes to protect waterways.
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