Sep. 14--Finishing stormwater projects earlier than anticipated, and saving some $7.5 million in interest payments ... it all sounds great for taxpayers.

It is a good deal, but with some other points to be made about the El Paso Water Utilities' $53 million bond issue.

Yes, it's a lower interest rate, but the money still has to be repaid. And whereas it's a good feeling to learn that we won't see stormwater rate hikes for at least three years, we wonder why there should even be rate hikes?

We passed a big stormwater issue after $200 million in damage from Storm 2006. We needed new infrastructure, which is currently being put in place. And we knew we'd have to maintain the system.

Why, after the needed projects are completed, would there be what appears to be automatic rate hikes? For maintenance? Shouldn't rates go down after the drainage projects and other infrastructure are in place?

For now, though, we can rest for a time in the land of good news. It sounds good when the utility's vice president for business, Nick Costanzo, says of the deal: "It also means that there won't be a (stormwater) rate increase for at least three years."

Sounds good, for now.

And it's good that the bond will speed up the timetable for 14 of the highest-priority projects.

Good again.

Recall this remains a highly controversial endeavor being overseen by the Public Service Board. Early fee rates were decried. One school district flatly refused to pay. Businesses with large parking lots

complained.

The PSB, more than once, lowered rates. The state Legislature passed a law to exclude the county and school districts from having to pay.

We continue to believe the PSB is the right entity to manage the project. The PSB has been doing a good job overseeing our water needs. From all indications, the stormwater infrastructure projects are moving along nicely.

But we still have to eventually pay off the bond. And the PSB seems intent on raising our monthly rates, not in the next three years, but we're still looking at higher rates in the future.

It's a good deal ... but we'll still have to eventually pay the "water piper."

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