By James Clark - email
LUBBOCK, TX (KCBD) - Lubbockites should prepare for rate hikes in the next four years, according to a financial report released Thursday. Between 2012 and 2016 Lubbock will spend about $410 million for capital improvements according to a bond rating company called Fitch.
The report says, "Future projected rate increases through fiscal 2015 range from 10% - 12% for water and 15% for wastewater."
It also says, "Storm water rate increases are also significant, ranging from 22% - 50% in annual hikes in fiscal years 2010 - 2012."
The purpose of the Fitch report is give potential investors information about the City of Lubbock's upcoming sale of municipal bonds worth nearly $150 million. The city's bond rating for the sale later this month is AA+, which is considered to be a strong rating.
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