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Midvale OKs preliminary steps for up to $18.5 million in water, sewer and storm bonds
Summary
Council authorized the preliminary official statement for up to $18.5 million in Water, Sewer and Storm Drain Revenue Bonds, Series 2025, with staff noting bond parameters including a maximum 35‑year term and interest capped at 7.00% per annum.
Finance staff presented a public hearing on Midvale’s intent to issue water, sewer, and storm drain revenue bonds to help fund new public works facilities. Laura Lewis told the council the bond parameters set on April 15, 2025, include an aggregate principal not to exceed $18,500,000, interest not to exceed 7.00% per annum, a maximum term of 35 years, and that bonds cannot be sold for less than 96% of principal.
"The only thing the bondholders have access to is the water revenue to pay for the bonds," Laura Lewis said, describing the revenue pledge. No members of the public offered comment during the hearing. Council Member Heidi Robinson moved to adopt Resolution 2025‑R‑28 authorizing the preliminary official statement and related documents; the motion passed unanimously on roll call.
