Financial matters transacted at City Hall

January 30, 2013

Seneca will move forward with an approximate $15 million revenue bond designed to ensure the city’s utilities system what it needs to properly function 30 or more years into the future. At a special meeting, the city council last night gave City Administrator Greg Dietterick a green light to proceed with plans to replace old electric substations and update its aging water treatment plant. The Light and Water Plant operations appear destined for new headquarters in the former Kellett Elementary School building. City leaders are also talking about upgrades for the police, public works and recreation departments, among others. According to Dietterick, Seneca approaches the bond issue with “a great credit rating” and the intent is to pay back the debt over a 30-year period. After the meeting, Dietterick said it’s too early to determine what rate increases, if any, will be required to satisfy the encumbrance. At Dietterick’s recommendation, city council also decided to move its emergency fund accounts from the South Carolina Local Investment Group to First Citizens’ Wealth Advisory Group. Seneca Clerk-Treasurer Joel Seavey says a $1 million city account and a $3.3 million Light and Water account are to be transferred. Seavey says First Citizens will pay Seneca 1.1% interest on its investments.

 

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