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Davis County sets parameters for up to $6.2 million in bonds for South Davis County Library; public hearing set for June 17
Summary
The Davis County Commission approved bond-issuance parameters that allow up to $6.2 million in bonds for the South Davis County Library project, set maximum terms and rates, and scheduled a public hearing for June 17 to accept comment before closing the sale.
The Davis County Commission on Tuesday approved a parameters resolution allowing the county to issue up to $6,200,000 in bonds to finance the South Davis County Library project and scheduled a public hearing for June 17 on the issuance.
The resolution sets a maximum maturity of 21 years, caps fixed-rate offers at 6% and establishes a 15% cap for any variable-rate component. The county will pursue a direct purchase approach that can be offered to up to 35 specific investors under SEC rules, the county’s financial advisor said.
Curtis Koch, Davis County controller, introduced the financing plan and said the county has been saving for the project since a tax increase was authorized in…
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