2020 water revenue bonds
Up to $29.5 million in water revenue bonds (parameters resolution June 30, 2020), mostly through a state Board of Water Resources loan covering 85%, to build a 36-inch transmission line, 200 South and Main Street lines and a new well so development south of I-15 can resume. Also refunds older water bonds.
- Where it stands
- Approved
- Type
- Public project
- Location
- Water lines from 700 North to south of I-15; new well south of I-15
Every hearing and vote
May 5, 2020 · City Council
Revised temporary land use regulation south of Pioneer Crossing and I-15
Approved · 5-0
Ordinance 2020-05-20 repealed Ordinance 2020-04-17 and adopted a revised moratorium: no new development applications, but pending developments may build horizontal improvements and projects with final plat or site plan approval may get building permits; one TOD project may re-plat if units and water demand stay the same. Mayor Frost read a statement that water lines south of I-15 would exceed velocity and pressure standards at buildout and the city is seeking funding. Bunker said staff asked the state Division of Water Resources to add 200 South to its funding request and asked the financial advisor about bonds. Shelton questioned the benefit of keeping the moratorium.
June 30, 2020 · City Council
Parameters resolution for up to $29.5 million water revenue and refunding bonds
Approved · 5-0
Super parameters Resolution 2020-06-17R allows up to $29.5 million, under 31 years and at most 5%, delegating final terms to the mayor, mayor pro tem or administrator. Advisors Preston Kirk and bond counsel Randy Larsen said the city would first seek a state loan (state board meeting Aug. 6) but could go to the market without returning to the council. About $527,000 remained on the 2012 bond. Bunker said the water lines from 700 North to south of the freeway and the TOD are needed to lift the south-side building moratorium.
July 21, 2020 · City Council work session
Water infrastructure bond presentation
Discussed
Montoya presented a $25.8 million project combining a large culinary water transmission line (including 700 North and 600 East, Main Street and 200 South) and a new well south of the freeway, needed to lift the building moratorium there. The Board of Water Resources recommended financing 85%; the city would pay 15% from reserves and also pay off its 2013 water revenue bonds. Total out-of-pocket about $4.7 million and financing about $22 million, within the $29.5 million bond parameters. Estimates were by Horrocks Engineering (with PEPG on one segment); Horrocks recommended bidding segments separately and staff expected three or four bids. Bunker said about 90% of the work is impact-fee eligible, but the 600 East/Main Street pipe replacement is not. Staff said no rate increase is needed and the debt is repaid from culinary water revenues, not property taxes. Barnes and Carroll worried development could outpace the line when the moratorium is lifted; Barnes asked to discuss the bids when received.
- Project estimate: $25.8 million (transmission line and well)
- Financed about $22 million; out-of-pocket about $4.7 million from reserves and impact fees
- Board of Water Resources charges about 1%
- Estimates by Horrocks Engineering, with PEPG on one segment; well siting study by Bowen Collins
- Five active wells; well on the south side would feed the system directly, no storage tank
- Impact fee adoption set for an Aug. 18 work session
July 28, 2020 · City Council
Public hearing on up to $29.5 million Water Revenue Bonds, Series 2020
Discussed
Hearing on issuing up to $29,500,000 in water revenue bonds and their economic impact. City Administrator David Bunker said the projects, discussed at the July 21 work session, are expected to be repaid through impact and development fees. Comments go to the state Division of Water Resources. No action was required.
- Maximum principal: $29,500,000
- Water Revenue Bonds, Series 2020