Old Westbury backs $4.7M in bonds

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Old Westbury backs $4.7M in bonds
Construction continues on Old Westbury water well #7, which will ultimately have a depth of approximately 530 feet.

The Old Westbury Board of Trustees on Dec. 19 authorized $4.7 million in bonds to finance part of a water system improvement project that will cost over $10 million, Trustee Edward Novick said.

“The current requirements of the village put it in a position where it needs more water capacity,” Novick said.

The project will expand the water system’s capacity, storage and distribution capability, Novick said. A study conducted by the engineering firm D&B associates over the past year found a need for improvements to meet water demand, Novick said.

New home construction in the village has made the need for greater water supply especially urgent, village Administrator Brian Ridgway said.

“The village is being proactive because with increased development taking place and parcels sold we want to be before the curve,” he said. “So when homes start getting built and permits taken out we’re ready to supply them with water.”

The $4.7 million in bonds were approved at the Dec. 19 trustees meeting with passage of two separate resolutions. A third, larger bond resolution will likely be proposed at the next trustees meeting on Jan. 17, which will bring the total to over $10 million in bonds for water system improvements, Novick said.

The first resolution authorized $3.7 million in bonds devoted to the construction of Well  No. 7,  located at the Spring Hill Farms subdivision near the corner of Red Ground Road and Hastings Road. Construction on the well began about four weeks ago, Novick said.

“The approach here is to drill another well to increase the amount of water we draw out of the potable aquifer, and then store that water,” Novick said.

The well has been drilled to a depth of 140 feet; its final depth will be 530 feet, according to the village website. The drilling will be finished in April but it will take approximately another year for the well to be mechanically equipped and put on line, Novick said.

The second bond resolution authorized $1 million for consulting and engineering fees for the water system improvements.

“The million dollars is to have money in the bank so we can engage with consultants to advise the village on its water needs going forward,” village Administrator Brian Ridgway said.

He said the village has not determined whether a tax increase will be necessary to pay down the bonds.

“That will be decided in the budget process in February, March and April,” he said.

Novick said the $4.7 million in bonds will allow the village to finance the capital expenses incurred before the passage of the larger, forthcoming bond resolution, which will likely be introduced at the village’s trustee meeting on Tuesday, Jan. 17, at 7 p.m. at Village Hall.

“We have to plan these things logistically and we have to plan them with sound financial forethought,” Novick said.

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