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Price City approves $300,000 stormwater loan after public hearing
Summary
Price City held a public hearing and approved a resolution authorizing up to $300,000 in stormwater utility revenue bonds (resolution 2025-6) to fund stormwater system improvements; most project funding comes from federal/state grants and a low-interest Community Impact Board loan.
Price City held a public hearing on Feb. 26, 2025, and approved a resolution authorizing a stormwater utility revenue bond that the city expects to borrow in the amount of $300,000 to fund stormwater system improvements.
At the public hearing City Attorney Eric Johnson described the financing package and noted that roughly 96% of the project will be funded through grants, including funding from the Natural Resources Conservation Service (NRCS), with the city seeking a local match and a loan from the Community Impact Board (CIB). Johnson said the CIB approved a $300,000 loan at an interest rate of 0.5% (one-half of 1%). He told the council the ordinance set a maximum aggregate principal amount of $450,000 but the city anticipates borrowing $300,000. The loan would be repaid over 20 years at about $16,000 per year.
The council opened the hearing at about 5:23 p.m.; there were no members of the public who spoke on the matter. After the hearing, Council Member Willis moved to approve Resolution No. 2025-6 authorizing the stormwater utility revenue bond series 2025; Council Member Jesperson seconded the motion. The mayor called for the oral vote; members said “aye” and the motion carried.
Nut graf: The action lets Price City accept low-cost loan financing from the Community Impact Board as part of a largely grant-funded stormwater project while establishing a legal maximum borrowing amount and publishing required notices. The council complied with the state’s public-hearing requirement for incurring public debt.
In the presentation during the hearing Johnson and staff indicated the maximum publication figure of $450,000 is procedural; the city expects to use $300,000 of that authority. Johnson described the public-hearing requirement for incurring debt and emphasized the city would follow the required notice and contest procedures. He also said the annual payment is estimated at about $16,000 over a 20-year repayment schedule if the city were to borrow the full $300,000.
Council members did not request substantive changes to the financing terms during the hearing. No members of the public testified, and no amendments to the resolution were offered at the meeting.
Ending: The resolution authorizing the loan (Resolution No. 2025-6) passed by voice vote. Staff and the city attorney said notices and further bond documents will follow the public process required for issuance and that details about final borrowing and repayment will be provided as they become available.
