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The Day - Norwich will ask voters to bond $145 million pension debt, expected to save money theday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theday.com Daily Mail and Mail on Sunday newspapers.
Norwich City leaders and finance officials presented a plan Tuesday that would fully fund the city’s unfunded pension obligation by bonding the entire estimated $144 million at current low interest rates, saving an estimated $43 million over 30 years. Members of the City Council, Board of Education, Board of Public Utilities Commissioners and Personnel and Pension Board listened as finance and bonding experts explained the plan Tuesday. It would need voter approval in a November referendum and approval by the state treasurer and Office of Policy and Management. “This could really be a game-changer in the way the city funds its annual pension obligations,” City Manager John Salomone said. He said the city could take advantage of the “extraordinarily low” interest rates to finance the plan. ....
Norwich Among public power companies across the nation, Norwich Public Utilities is a straight-A student in the grading of its record on providing a reliable and safe electric service, according to the American Public Power Association. Every three years, the association invites public utilities to apply for a designation as a Reliable Public Power Provider, called an RP3 designation. An 18-member panel rates each utility’s reliability, safety, workforce development and system improvement. NPU scored a 99 out of a possible top score of 100, earning the highest Diamond Level rating, Eric McDermott, NPU electric integrity manager, who coordinates NPU’s application, told the Board of Public Utilities Commissioners on Tuesday. ....
The Day - Norwich Public Utilities scores near perfect in electric system reliability - News from southeastern Connecticut theday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theday.com Daily Mail and Mail on Sunday newspapers.
Norwich The financial outlook for the Norwich Community Development Corp. has improved greatly this spring after the agency’s two main funding sources plan to boost allocations for the first time in over a decade to support its economic development activities. NCDC in January had asked the City of Norwich and Norwich Public Utilities to each increase their annual $150,000 contribution by $125,000 to help meet the increased expenses and growing staffing needs of the agency. Neither entity will meet that request, but late Tuesday, the Norwich Board of Public Utilities Commissioners voted unanimously to increase its allocation to NCDC by $75,000, to $225,000, starting with the 2021-22 fiscal year in July. Norwich City Manager John Salomone included an additional $50,000 for NCDC, bringing the city’s total contribution to $200,000. ....