Naples sets a $1.5 million ceiling on bonds for 2500 South street project
Naples' council adopted a parameters resolution in July for up to $1.5 million in street improvement revenue bonds for 2500 South, at no more than 2% interest over no more than 10 years. The fiscal 2027 budget lists $3,228,000 for the widening, funded by a $2,259,000 grant and a $969,000 loan.
Continuing storyNaples: fund balance, street bonds and storm drainage loan
Naples is preparing to borrow for a street project on 2500 South, its council minutes and public notices show. [1][2]
On July 9, 2026, the council adopted Resolution 26-378, a parameters resolution authorizing street improvement revenue bonds and calling a public hearing. The minutes describe the project as 2500 South from Highway 40 to 2000 East. Council members Dan Olsen, Ross Morton, Kenneth Reynolds and Jonathan Beede voted aye; Nate Zilles was absent. [1]
The limits
The city's hearing notice, signed by the city recorder on July 9 and posted July 13, says the bonds may be issued in a principal amount of up to $1,500,000, at an interest rate not to exceed 2.0% a year, payable over not more than 10 years. It cites the Utah Local Government Bonding Act and describes the project as street improvements on 2500 South Street and related improvements. [2]
These are the maximums the council authorized. The amount actually borrowed may be lower. [2]
The hearing
The council held the hearing on Aug. 13, 2026. According to the minutes, the council was told the city had received a grant and a loan and that the bonds are for the loan portion, and that the funding source was not obtained until June. [3]
The minutes say the bid for the project should go out in November or December and construction would begin next spring. A resident asked when there would be an end to the dust. The minutes record no vote on issuing the bonds. [3]
In the budget
The road capital projects fund in the fiscal 2027 budget lists $3,228,000 for 2500 South street widening. On the revenue side it lists a $2,259,000 CIB grant and a $969,000 CIB loan. The amended fiscal 2026 budget had $500,000 for the widening. [4]
The council adopted the fiscal 2027 budget, with $3,268,000 for the road capital projects fund, on June 25, 2026. [5]
The $1.5 million figure is a legal maximum set by the parameters resolution. It is not the amount borrowed or the project's cost. The schedule dates are projections from the August minutes.
Sources
- Naples City Council · July 9, 2026 minutes utah.gov
- Naples City · Street improvement revenue bond public hearing notice, July 9, 2026 utah.gov
- Naples City Council · Aug. 13, 2026 minutes utah.gov
- City of Naples · Budget worksheet filed with the State Auditor, printed Aug. 18, 2026 storage.googleapis.com
- Naples City Council · June 25, 2026 minutes utah.gov
Reporting by The Utah Ledger from the public records above. AI-assisted; paragraphs link to their sources.
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