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Santaquin to seek short-term bonding to cover remainder of water-reclamation and sewer upgrade guaranteed maximum price
Summary
Staff told council the Vancon GMP for the water reclamation facility is roughly $10.8 million while the city has about $9.36 million in cash available; remaining payments for contractor, engineering and membranes will require bonding estimated at $2.5 million to $3 million, and staff will meet Zions Bank Public Finance to begin bond process.
City staff updated the Santaquin City Council on the guaranteed maximum price (GMP) and financing plan for the city’s water reclamation facility and sewer-system upgrades.
Staff said the prime construction GMP with Vancon is approximately $10.7–$10.8 million. The city currently has about $9.36 million in cash available for the project, leaving a shortfall of roughly $1.4 million against the GMP. Additional outstanding obligations include about $400,000 for…
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