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Summit County council authorizes Mountain Regional Water to issue up to $18 million in revenue bonds
Summary
Acting as the governing board for Mountain Regional Water Special Service District, the council approved a resolution authorizing the sale of up to $18 million in water-revenue bonds to fund a new administration and maintenance campus; presenters said the district will use reserves and a planned property sale and expects interest costs near 5 percent.
The Summit County Council, sitting as the governing board of Mountain Regional Water Special Service District, voted unanimously Wednesday to authorize the issuance and sale of up to $18,000,000 in water-revenue bonds to finance a new Mountain Regional campus.
Mountain Regional representatives told the council the project budget is about $18.3 million, which includes roughly $2.3 million in contingencies and about $2.8 million of the districts own reserves already allocated toward the work. "We are here tonight to ask for authorization to issue and sell no more than $18,000,000 in aggregate water-revenue bonds," the districts…
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