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Daggett County Municipal Building Authority approves $308,000 lease-revenue bonds for Dutch John water improvements
Summary
The Municipal Building Authority voted to adopt two resolutions authorizing an annually renewable lease and issuance of $308,000 in lease-revenue bonds (series 2025) to fund water improvements in the Dutch John area; members noted the public hearing had set a not-to-exceed amount of $400,000.
The Daggett County Municipal Building Authority voted on March 7 to adopt two resolutions authorizing an annually renewable lease and the issuance of $308,000 in lease-revenue bonds to finance water improvements in the Dutch John area.
Unidentified Speaker 1 read the text of Resolution 25-04 MBA, describing it as a ground-lease master resolution and related security documents tied to the authority’s $308,000 lease-revenue bonds, series 2025. Unidentified Speaker 2 clarified that the recent public hearing set a not-to-exceed amount of $400,000, and the authority is applying for $308,000 at this time; the chair said the approved resolution allows flexibility if additional funding is needed.
The resolutions were moved and seconded and carried on voice votes; the transcript records ‘Aye’ responses but no roll-call tally. Unidentified Speaker 1 said the documents encompass the bond, the lease agreement and the transfer of property from the county to the Municipal Building Authority. Resolution 25-05 MBA, described as the companion annually renewable lease agreement and bond authorization, was read and approved in the same session.
Why it matters: the bond proceeds will fund water system improvements in Dutch John and enable the authority to complete the legal and financing steps needed for construction. Members discussed timing alongside other projects, noting that the parameters resolution and public hearing process had already been completed.
What’s next: staff and counsel will execute the documents and obtain signatures; the authority will coordinate with bond counsel and CIB staff on final closing and reimbursement procedures. The transcript records no further conditions or amendments to the resolutions at adoption.
