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Orem development tracker

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.

Where it stands
Approved
Type
Public project
Applicant
City of Orem

Every hearing and vote

  1. January 26, 2021 · City Council

    Water, sewer and storm revenue and refunding bonds, Series 2021 (up to $45 million)

    Approved · 6-0

    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

    Moved by Mayor Richard Brunst, seconded by Council Member Brent Sumner. Vote: 6-0 of council members; the mayor also voted yes

  2. 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.

  3. 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.

  4. April 27, 2021 · City Council

    Fiscal year 2020-21 budget amendment for bond proceeds

    Approved · 6-0

    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.

    Moved by Mayor Richard Brunst, seconded by Council Member Debby Lauret. Vote: 6-0 of council members; the mayor also voted yes