ALTAMONT — The Altamont City Council late last month approved an ordinance for financing $750,000 in bonds to repair and upgrade the city’s sewer system.
Bonds will be repaid over 20 years with total annual payments of around $54,000 to $62,000, depending on the year. Payments start on Jan. 1, 2026. Central States Capital Markets is financing the bonds at an interest rate of 4.75%.
The Central States bid was one of four received by the city of Altamont, and it had the lowest bid.
The city can refinance the bonds in 10 years if interest rates are lower.
The city’s payments as scheduled will total $1.175 million over the life of the bonds.
The work includes demolishing a current lift station and rebuilding it with new electric, pumps, control panel, piping and a discharge box. This will also include rehabilitating other lift station boxes with an estimated cost of $428,000 for the project.
Another aspect of the project will be installing 1,420 linear feet of 4-inch pipe from the east lift station and tie-in to the manhole. Another part of the work includes installing five new cross over pipes that include water transfer, piping and a concrete tie-in to the existing boxes.
Other work may be added as the project progresses.
