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Bluffdale LBA authorizes parameters for up to $16 million lease revenue bonds for Public Works building
Summary
The Local Building Authority approved a parameters resolution to issue lease revenue bonds (Series 2024) up to $16 million for construction and related costs of the new Public Works building; bond counsel said a debt-service reserve may be avoidable and described next procurement steps.
The Local Building Authority of Bluffdale adopted a parameters resolution authorizing the issuance of lease revenue bonds not to exceed $16 million to finance part of the new Public Works building, trustees and bond counsel said.
Bond advisor Matt Dugdale briefed the LBA on the statutory steps, explained the “box of acceptability” (maximum principal, term and interest thresholds), and said the city will seek to market bonds below the stated maximums. He noted the bond process requires publications and a follow-up public hearing before final issuance and recommended seeking to avoid a dedicated debt-service reserve fund when market conditions allow.
Trustees approved the parameters motion and scheduled related public-notice and timeline steps; staff said the objective is to advance issuance in the July–August timeframe assuming market conditions permit. The bond proceeds will finance acquisition and construction of a portion of the Public Works building, fund any required reserves if necessary, and cover issuance costs.
Next steps: staff and bond counsel will publish required notices, return for the follow-up public hearing and finalize financing terms for trustee approval.
