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Council holds public hearing on Series 2026 sewer bonds; finance advisor cites 4.6% rate on purchaser placement
Summary
At a public hearing on the Series 2026 sewer revenue bonds, the city’s finance advisor reported purchaser terms from Bank of Utah and a 21-year element at about 4.6%; the council opened and closed the hearing with no public speakers.
Payson City Council opened a public hearing on the proposed Series 2026 sewer revenue bonds and received a rate-and-structure update from the city’s finance advisor.
The advisor explained that the purchaser of an element of the issuance was Bank of Utah and that a portion of the transaction over 21 years carried a rate of about 4.6%. "I think it is a good deal," the advisor said, noting the city’s broader sewer financing program already included prior placements representing tens of millions of dollars and that the current $5,000,000 transaction is intended to cover remaining project costs tied to the water/sewer treatment project. He added that the transaction allows prepayment and refinancing options when market rates decline.
No members of the public stepped forward to use the hearing opportunity. Council opened and then closed the hearing by motion and roll call; no council action was required that night beyond holding the hearing and receiving the explanation of terms.
