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Council OKs parameters for up to $55 million in sales-and-franchise tax bonds for parks and infrastructure
Summary
Resolution 2025-R-18 authorizes the city to pursue up to $55,000,000 in sales-and-franchise-tax revenue bonds to buy park property and fund infrastructure and a linear park; council adopted the resolution unanimously.
Midvale staff presented Resolution No. 2025-R-18, which sets parameters for the sale of Sales and Franchise Tax Revenue Bonds with a maximum aggregate principal of $55,000,000, a maximum maturity of 35 years and a maximum interest rate of 7.00%. Mariah Hill told the council the bonds could finance park purchases, roadway infrastructure upgrades, and the construction of a linear park.
Council Member Bonnie Billings moved to adopt Resolution 2025-R-18 and the motion passed unanimously with Council Member Bryant Brown absent. Staff and financial advisors said sales and franchise tax revenues were evaluated and assessed as sufficient for planned debt service coverage and reserves; project-level details will be presented at the scheduled public hearing.
