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Santaquin council approves up to $3.1 million bond for wastewater facility upgrade
Summary
City council adopted Resolution 07-03 authorizing sale of up to $3.1 million in sewer revenue bonds to help fund planned upgrades to the Water Reclamation Facility; council and city staff said most of the work will be paid with impact fees and sewer user revenues.
Santaquin City Council voted unanimously July 15 to adopt Resolution 07-03, a bond-parameters resolution that authorizes the city to issue up to $3,100,000 in sewer revenue bonds to fund part of an upgrade to the Water Reclamation Facility (WRF).
City staff said the full WRF upgrade is estimated at about $14,130,000, of which roughly $10,000,000 is available in cash. The bonds will cover the funding gap and would be repaid from sewer system revenues and, where appropriate, impact fees. Officials said the city intends to use impact fees “as much as possible” to lower the rate burden on ratepayers.
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