36-inch Ogden Canyon waterline
Roughly $100 million replacement (CIP WU003) of the Ogden Canyon water line, the Pineview pipeline and an overflow line to the 23rd Street reservoir. Funding: $34.3M state loan, $42.6M WIFIA loan, $10M state appropriation, $12M ARPA; council authorized up to $82.1M in revenue bonds on April 23, 2024; a public hearing was set for June 11, 2024.
- Where it stands
- Approved
- Type
- Public project
- Location
- Ogden Canyon and under Pineview Reservoir
- Applicant
- Ogden City Public Services
Every hearing and vote
April 9, 2024 · City Council
36-inch Ogden Canyon waterline project financing (work session)
Discussed
Public Services Director Justin Anderson said the roughly $100 million project (CIP WU003) has three phases: Pineview waterline ($22 million), 36-inch Ogden Canyon waterline ($57 million) and a 42-inch overflow line to the 23rd Street reservoir ($7.2 million). Financial advisor Fred Philpot of Lewis Robertson and Burningham outlined proposed sources: $34.3 million State Revolving Loan Fund, $42.6 million federal WIFIA loan, $10 million state appropriations and $12 million city ARPA funds. It was the first of several work sessions.
April 23, 2024 · City Council
Resolution 2024-2: up to $82.1 million Subordinated Sewer, Water and Storm Sewer Revenue Bonds, Series 2024
Approved · 7-0
The council approved bond parameters for financing the roughly $100 million Ogden Canyon waterline: maximum par $82,100,000, 40-year term, maximum 3 percent discount and a maximum interest rate that the council raised from 5 to 6 percent on bond counsel Laura Lewis's advice to allow room for rate changes. Planned sources are a $34.3 million State Revolving Loan Fund loan at about 1 percent and a $42.6 million WIFIA loan at about 5 percent, with $10 million in state appropriations and $12 million in city ARPA funds. Estimated debt service is $39.965 million for the state loan and $75.06 million for the WIFIA loan. A public hearing was set for June 11, 2024 at 6:00 p.m., with closing in late June or early July. The amendment to raise the rate cap passed unanimously on a motion by Council Member Hyer, seconded by Council Member Blair.