South Jordan's building authority moves toward up to $27 million in fire station bonds
South Jordan's Municipal Building Authority adopted a resolution on Sept. 15 allowing up to $27 million in lease revenue bonds for a new fire station. Its notice estimates total debt service at $43,667,000 if the bonds are held to maturity.
Continuing story: Auditing South Jordan
The Municipal Building Authority of the City of South Jordan adopted a resolution on Sept. 15, 2026 authorizing up to $27,000,000 in Lease Revenue Bonds, Series 2026, to build a new fire station, according to the authority's public notice. [4]
The city's Sept. 15 agenda summary ties the bonds to Fire Station 65. [2]
The terms
The resolution allows the bonds to bear interest at no more than 6.00% a year, to mature in no more than 31 years, and to be sold at no less than 97% of principal. [3][4]
Proceeds would pay for the station and related improvements, including a portion of offsite fire training facilities, plus any debt service reserve and the cost of issuing the bonds. [4]
The authority would lease the project to the city "on an annually renewable basis," and the bonds would be repaid from those lease revenues. The notice says the authority has no other bonds outstanding secured by lease revenues. [4]
The notice estimates "the estimated total debt service cost of the Bonds, if held until maturity, is $43,667,000." [4]
A separate notice of intent dated Sept. 16 says the bonds' term "shall not exceed 26 years" and that the expected annual lease payment from the city is $1,732,500. [5]
The votes and hearings
The Sept. 15 agenda listed the authority's Resolution 2026-01 and the council's Resolution R2026-30, which approves a master lease and ground lease between the city and the authority. Both were sponsored by Chief Financial Officer Sunil Naidu. The same agenda included Ordinance 2026-13, an amended impact fee for fire infrastructure. [1][2]
The authority's notice says that for 30 days after posting, anyone may contest the legality of the resolution or bonds. If petitions signed by at least 20% of the city's active voters are filed in that period, the authority must hold an election before issuing the bonds. [4]
The council and authority's Oct. 6 agenda scheduled two public hearings on the bonds. [6]
The Ledger has not found minutes recording the Sept. 15 or Oct. 6 votes or hearings, and has not requested them.
The $27 million is a maximum authorized by resolution, not an amount borrowed. The $43,667,000 and $1,732,500 are the authority's estimates.
Sources
- South Jordan City Council and Municipal Building Authority · Sept. 15, 2026 meeting notice
- South Jordan City Council · Sept. 15, 2026 agenda executive summary
- South Jordan City Council and Municipal Building Authority · Sept. 15, 2026 agenda with supporting documents
- Municipal Building Authority of the City of South Jordan · Notice of public hearing and bonds to be issued
- Municipal Building Authority of the City of South Jordan · Notice of intent to issue a lease revenue bond (Sept. 16, 2026)
- South Jordan City Council and Municipal Building Authority · Oct. 6, 2026 meeting notice and agenda
Reporting by The Utah Ledger from the public records above. AI-assisted, checked against those records.