COLDWATER, MI (WTVB) – The Coldwater Board of Public Utilities Board of Directors will be asked Tuesday to pass a resolution to start the bond financing process for a proposed substation.
CBPU Director Jeff Budd says in his memo to the board that the proposed substation will improve the electric system’s reliability because it will reallocate load from the Garfield Avenue and Bennett Street Substations.
The substation is estimated to cost approximately $4.6 million, not including land and easement purchases.
Budd says while the resolution states it is not to exceed an amount of $6.5 million, the amount is purposely set high for any unforeseen costs.
He adds establishing the resolution at a higher amount eliminates the need to go back through the right of referendum period, if additional borrowing were to be needed. The final actual amount to be financed has to be approved by both the CBPU Board and the Coldwater City Council.
