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Council sets public hearing on up to $450,000 stormwater bonds; no bond sale approved
Summary
Price City approved Resolution No. 2025-5 to call a public hearing on a stormwater utility revenue bond of not more than $450,000; council explicitly did not approve issuance of the bonds at the meeting and instead authorized the notices required for a public hearing.
The Price City Council on Jan. 22 approved Resolution No. 2025-5 to publish notice and call a public hearing on proposed stormwater utility revenue bonds with a maximum aggregate principal of $450,000.
City staff told the council the Community Impact Board had authorized funding for stormwater improvements and recommended the council include an amount greater than current estimated project costs because the city did not yet have a final construction bid. The staff member explained, “you're not approving the bonds at this point. You're just, calling the public hearing for a month from now and, and authorizing the notices for that public hearing.”
Council Member Jesperson moved to approve Resolution No. 2025-5; Council Member Willis seconded. The motion passed by voice vote; the council will hold the public hearing at a date and time set by the published notice required by state law.
If the hearing and contest period proceed and the council later approves bond issuance, the actual amount, maturity schedule, interest rate and other terms will be set at a subsequent meeting.
