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Council authorizes parameters for up to $12M in water revenue bonds to fund springs and treatment work
Summary
Parowan approved a parameters resolution authorizing not more than $12 million in water revenue bonds (parameters: ~$1.075M grant and ~$9.675M loan at an effective 2% hardship assessment over 30 years) to finance water system improvements; a public hearing and final bond vote are scheduled for July 23, 2026.
The Parowan City Council on June 11 approved a parameters resolution authorizing up to $12,000,000 in water revenue bonds to finance drinking water system improvements, including restoration of springs and associated pipeline work. Marcus Keller of Cruz Municipal Advisors summarized the financing as including $1,075,000 in grant funding and $9,675,000 in borrowing designated under the Division of Drinking Water hardship program with an effective 2% rate over 30 years.
City staff and the consultant emphasized the favorable terms compared with market rates and noted that the June 11 vote authorized parameters only; bond counsel will publish a public hearing notice and return on July 23, 2026 for the required public hearing and final bond resolution vote. Council approved the parameters resolution by roll call vote (Harris, Barton, Dean, Burton — all Aye).
