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TOLEDO, OH (Toledo News Now) -
The City of Toledo has conducted its largest single bond sale, to raise money for a 5-year capital improvement plan at the Collins Park water treatment plant.
On Thursday, the city sold $197 million worth of bonds, to upgrade the plant which dates back to the early 1940's.
The plant's entire electrical system will be replaced, and two additional water treatment basins will be constructed to provide flexibility and additional capacity.
Recently approved water rate increases allowed for the bond sale to go forward. Deputy Mayor Steve Herwat says an estimated $264 million worth of improvements will be made at the water plant over the next 5 years. "We'll have a flurry of activity going between now and the next 5 years. We project each year nearly 700 construction workers are going to be employed out at Collins Park building these projects."
Because all of the work can't happen at once, in 2016 the city plans to issue another round of bonds, estimated at $100 million, to help pay for the project.