Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Holladay LBA reviews parameters for up to $11.5 million lease revenue bonds to fund parks and City Hall upgrades
Summary
Authority staff and counsel reviewed parameters for issuing up to $11.5 million in lease-revenue bonds to finance a parks and recreation facility, City Hall seismic upgrades and other facility improvements; counsel recommended a par amount of $11.5M, an interest-rate cap of 6.5%, maximum maturity of 25 years, and delegation of final pricing to a designated officer. A public hearing is scheduled for Nov. 6; no bond vote is recorded in the transcript.
The Local Building Authority of the City of Holladay reviewed proposed parameters Sept. 18 for issuing lease-revenue bonds of up to $11,500,000 to fund a series of capital projects, including a parks and recreation facility, renovation and seismic upgrades to City Hall, and other city facility improvements.
Counsel explained the board should set a par amount above the estimated construction cost to cover a debt-service reserve, issuance costs and other contingencies. Counsel recommended setting the par amount at $11.5 million with an interest-rate cap…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
