Los Osos just got $86.2 million richer—or in debt, depending on how you look at it.
On March 1, the state Water Resources Control Board awarded San Luis Obispo County $86.2 million for the Los Osos sewer project. The money, which will come in the form of a 30-year 2.6 percent loan from the State Revolving Fund, now gives project officials the bankroll they need to get the sewer going—again.
In addition to $87.2 million from the U.S. Department of Agriculture and monthly bills that will come from residents (estimated to be about $194 per month), county officials will be ready to send the project out to bid for construction possibly by summer.
County officials could have an opportunity to refinance for a lower interest rate in the coming months, though some residents speaking at the March 8 Board of Supervisors meeting claimed state officials are wary of pricey sewer bills, particularly the on-lot costs residents will have to pay to connect to the sewer collection system once it’s completed.
On March 15, county supervisors are scheduled to officially accept the project, basically clearing the last bureaucratic hurdle that will allow the county to collect monthly assessments from about 12,500 Los Osos residents.