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Commission approves parameters resolution for Castle Valley Special Service District bond
Summary
Emery County commissioners approved a parameters resolution directing advertisement of a March public hearing and contest period for general obligation bonds up to $1,662,000 for Castle Valley Special Service District projects; staff said the district also received about $1.588 million in grant funds.
The Emery County Commission on Feb. 17 approved a parameters resolution that authorizes advertisement of a public hearing and contest period related to general obligation bonds for the Castle Valley Special Service District not to exceed $1,662,000.
Jacob Sharp, representing the Castle Valley Special Service District, told commissioners the resolution sets the parameters for issuing bonds in one or more series and calls for a public hearing at the commission’s March meeting. Alex Buxton of Zions Bank Public Finance said the district’s recent financing mix included nearly $1.588 million in grant funding through the Community Impact Board process and that the bond carries a subsidized interest rate he estimated at about 1.5 percent.
Sharp said the district has used similar financing since a 2019 general-obligation election and that the funds fund public-works projects such as replacement of aging water lines, drainage and curb-and-gutter work in small towns. The commission moved to approve the resolution to call for the public hearing and contest period; commissioners recorded affirmative votes during roll call.
The public hearing and the final bond resolution will return to the commission on March 17, when residents may comment. The parameters resolution itself does not obligate the county beyond authorizing the notice and contest period required for the bond process.
