Price City has gone back to the Utah Permanent Community Impact Board and received more funding to repair damage to infrastructure from flooding in September of 2016. City Finance Director Lisa Richens said, “It looked like we were going to be short so more money was needed.”
She said the city got an additional grant of $125,000, along with a low-interest loan of $325,000. The funding package was approved by the C.I.B last month.
The Price City Council approved a resolution authorizing the issuance of $450,000 in storm water utility revenue bonds to finance storm water utility system improvements during its regular meeting of September 27.
The agenda item was read into the record without discussion prior to the unanimous vote to approve. Resolution 2017-13 also provides for the publication of a notice of public hearing and a contest period.
According to a public notice published by the city, the issuance and sale of the bonds will be at a rate of 2.5 percent, to mature in 25 years. At that rate, the amount to be repaid will be approximately $605,635. The public notice said the city has obtained a grant commitment in the amount of $1,350,000 for the project, none of which will need to be repaid.
A public hearing to get public comment on the proposed issuance of the bonds and the economic impact of the improvements on the private sector is set for October 25 during the regular city council meeting which begins at 5:30 p.m.
Last December the Utah Permanent Community Impact Fund Board authorized a $975,000 grant and a $325,000, 2.5 percent, 20-year loan for the project.
City gets additional funds, will bond for $450,000 to fund storm water system
Crews have installed another section to the culvert in Mead’s Wash that runs under 100 North in Price. An upstream apron will be added at the site. The work is part of an extensive Price City storm water utility project