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Council authorizes up to $5 million in sewer revenue bonds after 4–1 vote
Summary
Council approved a resolution authorizing up to $5,000,000 in Sewer Revenue Bonds to fund the sewer plant completion; bond agent Brian Baker described a 21‑year structure and projected near‑term interest rate volatility, and Councilmember Provstgaard voted against the resolution.
The Payson City Council voted to adopt Resolution 05-06-2026-C, authorizing the issuance and sale of up to $5,000,000 in Sewer Revenue Bonds, Series 2026, to finance completion of the city’s sewer plant. Bond agent Brian Baker told the council the issue would be structured over 21 years and that closing rates were volatile; he estimated an interest-rate assumption near 4.5% at closing.
Councilmember Bob Provstgaard cast the lone dissenting vote, saying the city might prudently wait to borrow later in the year; staff and the bond agent warned market rates could rise and refinancing opportunities are uncertain. The resolution was adopted and a public hearing was set for June 3, 2026 with an anticipated closing around June 10–11.
