Holladay's 2022 sales tax revenue bonds: up to $19 million for roads and stormwater

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]