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Springville adopts parameters ordinance to begin financing sewer expansion for Commerce Industrial Park; $7.5 million maximum principal set
Summary
The council adopted a parameters ordinance allowing a general obligation financing package up to $7.5 million and authorizing a judicial validation process tied to sewer capacity for a new Commerce Industrial Park.
The Springville City Council voted to adopt a parameters ordinance authorizing the city to proceed with financing for a sewer capacity project tied to the proposed Commerce Industrial Park.
The ordinance sets a maximum principal amount of $7,500,000 and establishes parameters — including maximum interest rates and other limits — to allow city officials and bond counsel to begin a judicial validation process. The council…
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