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Redevelopment board adopts parameters for up to $10 million sales-tax-backed bond
Summary
The Eagle Mountain Redevelopment Agency Board on June 2 adopted a parameters resolution authorizing up to $10 million in sales-tax- and tax-increment-backed bonds (Series 2026), with a 20-year maximum term and a rate not to exceed 5.5%.
The Eagle Mountain Redevelopment Agency Board voted June 2 to adopt a parameters resolution authorizing issuance of agency sales-tax- and tax-increment-backed bonds, identified in the agenda as Series 2026.
Staff explained the resolution sets the maximum borrowing parameters and follows a prior council approval of an interlocal agreement to have general sales tax back the debt. Staff summarized the limits as “$10,000,000, 20 years, and a rate not to exceed 5.5%,” and the board moved to adopt the resolution. The chair announced a motion by board member Whiting, seconded by board member Wright.
The chair then conducted a roll-call vote; the recorded affirmative votes listed in the meeting record were board members Clark, Wright, Whiting, Wood and Yush. The chair announced the motion carried. The resolution sets parameters for future bond issuance but does not itself sell bonds; any final sale will require subsequent documentation and compliance with the limits the board approved.
