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Council authorizes parameters for up to $12 million in water revenue bonds
Summary
Council approved bond parameters to finance drinking-water improvements; municipal advisers said roughly $1.075 million could come as grant and $9.675 million as subsidized loan at about 2% over 30 years.
The Parowan City Council voted June 11 to approve parameters that would permit issuance of up to $12,000,000 in water revenue bonds to finance drinking-water system improvements. Marcus Keller, the city's municipal adviser from Cruz Municipal Advisors, described likely financing as a combination of subsidized loan and grant: "the terms of the bond ... will be 1,075,000 in grant and then 9,675,000 at 2% hardship ... and then it'll be over a 30 year period for this project," he said.
Councilors approved the parameters resolution (2026-11a) to allow moving forward with required notices and the future public hearing and final bond resolution. Staff and the municipal advisor said additional approvals will be required before bonds are sold and that the city will provide a flyer for residents explaining the terms and impacts.
