Daggett County building authority approves $308,000 lease revenue bonds for Dutch John water improvements

The Daggett County Municipal Building Authority on March 7 approved two related resolutions authorizing a ground lease, security documents and $308,000 in lease revenue bonds to finance water improvements in the Dutch John area.

The action — recorded as Resolution No. 25-04 MBA and Resolution No. 25-05 MBA — follows a parameters resolution and a public hearing earlier in the process that established a not-to-exceed ceiling of $400,000. Authority members approved the final documents and the authority to issue and sell the Series 2025 lease revenue bonds at a stated principal amount of $308,000.

Officials said the resolutions bundle the legal agreements needed to transfer the designated water improvements to the Municipal Building Authority, authorize the lease to Daggett County and permit issuance of the lease revenue bonds for construction and related improvements. The resolutions also authorize staff and bond counsel to finalize and execute the financing and security documents required to close the transaction.

The motions to approve each resolution carried on voice votes; the minutes record the motions, seconds and unanimous “aye” responses during the roll call. No dissenting votes were recorded in the meeting minutes for either resolution.

The item completes the board-level approvals required before staff and consultants finalize bond sale documents and proceed toward bond closing, which the authority indicated will be coordinated with the authority’s finance staff and bond counsel.

The action was taken in open session; no closed-session discussion was requested before adjournment.

Members approved the resolutions by voice vote and signed the documents following the meeting.