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Council waives second reading to set public hearing for water loan that will fund new well
Summary
The council waived second reading on a resolution to authorize notice for a state loan to fund a new drinking-water well; staff will mail statutorily required notices to users and host a public hearing before final bond authorization.
The Nibley City Council on July 10 waived second reading for a resolution that initiates the public-notice process required by state law for taxable water revenue bonds and a low-interest loan to finance a new municipal well.
City and bond counsel explained that Utah statute requires public notice of the maximum loan parameters and a public hearing before municipal bonds or long-term loans may be issued. "The state code says before you can issue bonds, you have to get notice of the maximum parameters for the loan," bond counsel Eric Johnson told the council during the…
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