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Midvale sets parameters to issue up to $55M in sales and franchise tax bonds; hearing set June 17
Summary
Council adopted Resolution No. 2025-R-35 to authorize parameters for issuing Sales and Franchise Tax Revenue Bonds, Series 2025, with a maximum principal of $55 million, a maximum interest rate of 7% and maturity no longer than 35 years; a public hearing on specific projects and costs is scheduled for June 17, 2025.
The Midvale City Council adopted a parameters resolution (Resolution No. 2025-R-35) authorizing the issuance and sale of Sales and Franchise Tax Revenue Bonds, Series 2025, with the following parameters: aggregate principal not to exceed $55,000,000; maximum interest rate of 7.00% per annum; maximum maturity not to exceed 35 years; and bond sale price not less than 96% of par. The parameters resolution delegates authority to designated city officers to finalize terms within those limits and directs staff to present detailed project-level costs at a June 17, 2025 public hearing.
Mariah Hill said the bonds may finance purchase of existing park property, construction and upgrade of road infrastructure including a linear park, funding a debt-service reserve fund if necessary, and paying costs of issuance. Hill said city staff and financial advisors evaluated sales and franchise tax revenue and determined the city has appropriate debt service coverage and reserves. Council set the public hearing for June 17, 2025 at 7:00 p.m. for the final bond details.
