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American Fork approves parameters for up to $50 million lease-revenue bond, keeps final amount for council approval
Summary
American Fork’s City Council on Dec. 9 approved a parameters resolution allowing the local building authority to seek up to $50,000,000 in lease-revenue bonds for a new Public Works facility, while requiring the City Council to approve the final principal amount before any bonds are sold.
American Fork — The American Fork City Council voted Dec. 9 to approve a parameters resolution that allows the city’s local building authority to pursue issuance of lease-revenue bonds for a new Public Works facility, with the council reserving final approval of the principal amount before any bond sale.
City staff and bond counsel described the resolution as a procedural step that sets the maximum "box" for financing — maximum principal, maximum interest rate and maximum term — while delegating to the city manager the authority to finalize terms within those limits. Bond counsel Brandon Johnson told the council the process includes a credit-rating review, preparation of a prospectus for investors and a competitive bid process that…
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