Logan's $40 million in water bonds has moved from one budget year's estimate to the next

Logan's budgets have twice listed $40 million in water bond proceeds as an estimate for the year then ending. The fiscal 2026 budget put the issuance in fiscal 2025; the fiscal 2027 budget shows none in fiscal 2025 actuals and moves the estimate to fiscal 2026. ^[3][2]

Our Oct. 15 story reported the council's 2025 approval of up to $40 million in bonds for the First Dam water tank and lines project. The records reviewed for this follow-up do not show whether those bonds have been issued.

What the budgets list

The water and sewer fund page of the fiscal 2026 adopted budget lists debt issuance of $40,000,000 in its 2025 estimated column, and nothing in its 2024 actual, 2025 year-to-date actual, 2025 adopted or 2026 columns. The same column lists capital outlay of $84,090,145. ^[3]

The same page of the fiscal 2027 adopted budget lists no debt issuance in its 2025 actual or 2026 year-to-date actual columns, and $40,000,000 in its 2026 estimated column. Its 2026 estimated column also lists $33,787,039 in budgetary revenues and capital outlay of $78,153,705. The budget does not state the date of its year-to-date column. ^[2]

Debt at June 2025

The city's fiscal 2025 annual report lists revenue bonds payable of $82,341,000 at June 30, 2025, down from $87,206,000 a year earlier. ^[1]

The $4,865,000 decrease equals the principal shown in the fiscal 2027 budget's 2025 actual columns for the water and sewer fund, $514,000, and the sewer treatment fund, $4,351,000. ^[1][2]

The project since

At the council's Nov. 18, 2025 meeting, Mayor Holly H. Daines described a new 10-million-gallon water tank and a 42-inch transmission line, with construction underway. ^[4]

On Aug. 18, 2026, the council previewed a carryforward of $46,749,137 for the water tank and waterline. On Sept. 1, 2026, it approved Resolution 26-29, carrying forward unspent fiscal 2026 appropriations, by a 5-0 roll-call vote; the minutes list $46,393,013 for the water tank and waterline. ^[5][6]

Finance Director Richard Anderson told the council the carried-forward money had been appropriated for projects not finished by June 30. Neither set of minutes mentions bond issuance or bond proceeds. ^[6][5]