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Council directs staff to pursue $3.5 million bond gap to finish public safety building; staff proposes fund-balance shift
Summary
Harrisville staff told the council the city needs about $3.5 million more to complete a $12.5 million public-safety building and asked permission to pursue an additional bond issue while reassigning part of the city's fund balance to avoid a tax increase.
HARRISVILLE — City staff asked the council on Tuesday for direction to pursue a roughly $3.5 million addition to previously authorized bonds so the city can complete a $12.5 million public safety building without raising property taxes.
City staff and the city's bond consultant described the financing gap and the options. Staff described a proposal in which Bank of Utah, the city's existing bond purchaser, would grant a one-time waiver of an internal additional-debt test (the city had promised more than two times coverage when issuing earlier bonds) on two conditions: the new issuance would include a three-year call-protection period and any future refinancing would require refunding all outstanding series together. Staff reported indicative pricing at just under 5 percent on a 20-year deal and estimated additional annual…
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