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Price City sets $14 million cap on taxable water and sewer bonds to fund Soldier Summit transmission line
Summary
Price City Council approved a resolution setting a $14 million maximum for taxable water and sewer revenue bonds to finance replacement of an aging transmission line from Soldier Summit, after a public hearing that reviewed a state funding package that covers roughly half the project cost.
Price City Council approved a resolution authorizing a maximum repayable amount of $14,000,000 in taxable water and sewer revenue bonds to fund replacement of a decades-old water transmission line serving the city.
The vote came after a public hearing during the Sept. 24 meeting in which the city’s bond counsel described a state funding package totaling $15,197,000 that combines loan forgiveness and a reduced-rate loan to cover most of the project cost.
Attorney Eric (attorney for Scribe City) told the council the transmission main from Soldier Summit dates to the 1930s and is “coming up on 90” years of service. He said the city has a funding commitment of $15,197,000, of which $4,559,000 is grant or loan forgiveness and the remainder is an expected loan of…
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