City approves $3.1 million for water wells
BY CHARLOTTE SMITH Editor

Whitehouse City Council forged ahead with plans to develop water wells #8 and #9, approving $3.1 million at a special meeting Tuesday night.

Council voted unanimously to okay an ordinance authorizing the issuance of certificates of obligation not to exceed $3.1 million. The vote also authorized Russell Drilling to proceed with the well development.

Councilmember Mike Adams, who has been a vocal opponent of further well production, was not present.

Financial adviser Tom Lawrence briefed the council on five bids for the CO purchase and recommended J.P. Morgan Chase's offer of a fixed rate of 3.70 percent over 20 years.

"I think it's phenomenal to get this rate," said councilmember Dale Moran. "When I looked at my packet on Friday night, I thought its time to move on this."

Water and sewer revenues are expected to pay for the estimated annual debt service of $222,500. The city is planning two wells in the Mountainview area.