The St. Joseph Chamber of Commerce issued a news release Tuesday endorsing the consideration of additional Sewer Revenue Bonds up for vote in February’s election.

On February 3, voters will be asked to consider additional sewer revenue bonds, a $190 million bond issue for improvements to St. Joseph’s collection and wastewater treatment system required to meet federal and state regulations by reducing combined sewer overflows and to meet new treatment requirements.

The projects will be built no matter what, however a yes vote would mean a lower interest rate for the bonds. If voters vote no the city would have to support a higher interest rate for lease-purchase bonds.

According to the City of St. Joseph, without voter approval for the lower interest rates, the City Council will be required to issue lease-purchase bonds, which will increase sewer rates higher than required. Based on current interest rates, the savings would be an estimated $53 million over 20 years.

“The approval of the proposed bonds is important to the community’s long-term economic development efforts,” said R. Patt Lilly, President and CEO of the St. Joseph Chamber of Commerce. “Not only is it important to have up-to-date sewer infrastructure, but having competitive rates that the bonds will allow is critical to attracting new business to St. Joseph.”

Bonds will be paid through sewer user fees, based on water usage, not as an increase in property taxes. Increased fees will last the life of the 20-year bonds and will be paid by residents connected to public sewers. Fees will increase gradually as bonds are solver over two to six years.