Silver Spring residents to vote May 23 on sewer bond

SILVER SPRINGS - Residents have until April 21 to register to vote in the May 23 sewer bond election.

At issue is a general obligation bond or a 7.2 percent conventional loan backed by the U.S. Department of Agriculture's rural development program.

If the bond is approved, the maximum principal amount of the general obligation bonds is $3 million. The anticipated interest rate is 3.75 percent to be paid by sewer revenues over the next 20 years.

The district will also receive a $97,000 grant if the general obligation bonds are issued.

A "no" vote will require the district to issue a revenue bond to finance the construction of the sewer with an anticipated interest rate of 7.2 percent for up to 40 years.