Water, sewer and storm revenue bonds, Series 2021
The council authorized up to $45 million in revenue and refunding bonds to finance water, sewer and storm capital projects, replacing pay-as-you-go funding. Advisers expect about $30 million to be issued.
Approved
- Type
- Public project
- Applicant
- City of Orem
- City Council: Work session: City Manager items
- City Council: Fiscal year 2020-21 budget amendment for bond proceeds
- City Council: Hearing on up to $45 million in water, sewer and storm revenue bonds, Series 2021
- City Council: Water, sewer and storm revenue and refunding bonds, Series 2021 (up to $45 million)
In brief
Water, sewer and storm revenue bonds, Series 2021 appears on 3 recorded agendas, from the City Council meeting of January 26, 2021 to the City Council meeting of April 27, 2021.
On record, it was approved 2 times.
The most recent decision was approved (6-0) at the City Council meeting of April 27, 2021.
Follow the money and project delivery
Water, sewer and storm revenue bonds, Series 2021
- Council action
Approved: Fiscal year 2020-21 budget amendment for bond proceeds · Approved minutes Record → · April 27, 2021
- Money in the record
bond: amount not given — Add 2021 water, sewer and storm sewer bond proceeds to enterprise funds Record → · April 27, 2021
- Signed agreement and payments
Execution and project-level disbursements are not verified by this tracker. They require separate records; meeting approval alone does not establish either.
- Work and operating costs
Check the linked records for completion and recurring operating costs; this tracker does not verify them. Record →
Every hearing and vote
April 27, 2021 · City Council
Work session: City Manager items
Discussed
The City Manager said the utility bond closed that day, the water tank agreement is being finalized, and a new Recreation Director has accepted an offer and starts May 17.
April 27, 2021 · City Council
Fiscal year 2020-21 budget amendment for bond proceeds
Approved · 7-0 with the mayor
The amendment adds grants and the proceeds of the 2021 water, sewer and storm sewer bonds, issued in April under the council's earlier authorization, to the enterprise funds that will pay for water, sewer and storm projects over the next few years. No one spoke.
February 23, 2021 · City Council
Hearing on up to $45 million in water, sewer and storm revenue bonds, Series 2021
No action
The council held a required hearing on the bond issue and its possible economic impact on the private sector. No one commented, and no vote was taken at this hearing.
January 26, 2021 · City Council
Water, sewer and storm revenue and refunding bonds, Series 2021 (up to $45 million)
Approved · 7-0 with the mayor
The council authorized issuing up to $45 million in water, sewer and storm revenue and refunding bonds. Parameters are the maximums: 30-year term, 5.5% coupon and 3% discount. The financial adviser expects the par amount nearer $30 million, final maturity around 25.5 years, a coupon near 4% and annual debt payments of about $1.86 million. A current state sewer loan would be folded into the bond. The mayor thanked residents for supporting pay-as-you-go funding that let the city save cash for projects and borrow at low rates.
- Maximum term 30 years; maximum coupon 5.5%; maximum discount 3%
- Advisers: Lewis, Young, Robertson & Burningham; bond counsel Gilmore Hale