Continuing story · Holladay: reserves, road bonds and City Hall bonds · all updates, newest first →
Holladay: reserves, road bonds and City Hall bonds · From the recordsHolladay's 2022 sales tax revenue bonds: up to $19 million for roads and stormwater
Council records from March to June 2022 show the bond limit, rating and interest cost for Series 2022 sales tax revenue bonds.
Continuing storyHolladay: reserves, road bonds and City Hall bonds
In 2022 the Holladay City Council authorized sales tax revenue bonds of up to $19,000,000 for road, stormwater and related projects. The council voted 6-0 on Resolution 2022-07 on March 17, 2022. [1]
Terms
The resolution set a maximum rate of 4.5%, a maximum maturity of 21 years and a sale price of at least 97% of par. The financial adviser described an example of $18 million in project funds from about $16 million in bonds sold at a premium. [1]
On May 19, 2022 the council raised the maximum rate to 5% by a 6-0 vote. The minutes put construction proceeds at $18 million either way. [2]
On June 2, 2022 the minutes say the bond sale received an AA+ rating at a true interest cost of 3.15%. [3]
On June 16, 2022 the council amended the fiscal 2021-22 budget by a 5-0 vote to add $10 million in stormwater bond proceeds not in the original budget. [4]
Sources
- Holladay City Council · Minutes, Mar. 17, 2022 holladayut.suiteonemedia.com
- Holladay City Council · Minutes, May 19, 2022 holladayut.suiteonemedia.com
- Holladay City Council · Minutes, June 2, 2022 holladayut.suiteonemedia.com
- Holladay City Council · Minutes, June 16, 2022 holladayut.suiteonemedia.com
Reporting by The Utah Ledger from the public records above. AI-assisted; paragraphs link to their sources.
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