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Brian Head approves special assessment bonds for Unit 3 and Elk Drive
Summary
The Council approved resolutions authorizing not-to-exceed $777,273 in bonds for Brian Head Unit 3 and $323,437 for the Elk Drive Special Assessment Area; staff said statutory steps were complete and projects are scheduled to start soon.
The Brian Head Town Council on April 28 authorized the issuance of special assessment bonds for two local improvement projects.
Town Manager Bret Howser told the Council the Unit 3 Special Assessment Area had completed the statutory formation steps and levied assessments; the town was ready to issue bonds not to exceed $777,273 to fund Unit 3. He said the Elk Drive SAA likewise met requirements and is ready for bond issuance not to exceed $323,437. Howser noted the Unit 3 project was scheduled to begin the following week and emphasized timely bond issuance to preserve the Town’s cash position. He also said the town’s cumulative outstanding SAA balance is roughly $2–3 million, below the $5 million statutory cap, and that substantial prepayments had reduced balances.
Council moved and approved Resolution No. 26-567 and later Resolution No. 26-568 to permit the bond sales; the motions passed without opposition (each recorded 5-0). Howser said he will bring a policy question to a future meeting about whether to waive impact fees for participants in these SAAs.
The council’s votes complete the local approvals needed for the two bond issuances; administrative execution of master resolutions and bond documents will follow.
