The Watertown City Council recently approved a plan to bond for $12 million, repairing the leaking Thompson Park reservoir.
The 5 million gallon reservoir leaks thousands of gallons a day. The $12 million bond is the maximum price of the project should the council proceed with replacing the reservoir entirely.
City officials say the bond ordinance needs to be approved before you spend any dollars you intend to borrow on.
“I will not be going out to the bond market and borrow this anytime soon," City Comptroller James Mills said. "I would not borrow it until staff comes back to you with what the best option is, goes out to bid, you’re presented with the bids to go with company A, B, or C. You know what the contract amounts are, then I’ll be bonding from that point forward, but nowhere near in the short term.”
The city manager said a preliminary engineering report is due at the end of the month to the Environmental Facilities Corporation in order to qualify for state funding on the project.
