By Julie Johansen
Jacob Sharp, manager of the Castle Valley Special Service District (CVSSD), presented to open a public hearing on the district’s issuance of a general obligation bond not to exceed $14,000,000 during Tuesday’s Emery County Commission meeting.
The presentation included the potential economic impact to the public, the improvements and facilities to be paid for with the bond and matching Community Impact Board grant. Sharp showed the project’s forecast for the coming year as well as those accomplished during the last 10 years.
The public hearing notice described the bond as follows: The district intends to issue the bonds for the purpose of acquiring or improving, through purchase or construction or both, facilities for the collection and treatment of sewage; facilities used in connection with the acquisition, treatment, storage, transportation, and supply of water for domestic, industrial secondary and other purposes; drainage and storm sewer facilities, including curbs and gutters; and transportation facilities consisting of roads, sidewalks and related bridges and viaducts; together with all necessary land, rights-of-way, equipment and furnishings therefor, and including such legal, engineering, and fiscal agent expenses reasonably incurred in connection with the acquisition of such facilities in and for the district (collectively, the ‘Project’) and for providing moneys for the refunding, at or prior to maturity thereof, of all or part of the bonds authorized hereunder or heretofore issued and now outstanding
Sharp stated that with the structure of the taxation, no increase in property taxes is expected while improving the cities and towns in the county.
“The district intends to issue the bonds in an aggregate principal amount not to exceed $14,000,000, bearing interest at a rate or rates not to exceed 6%, with a maximum maturity of 15 years from the date of issuance,” the hearing notice stated.
Alex Buxton, Zions Bank Public Finance Representative, read a letter to the commissioners and audience giving an argument in favor of the bond. It is required by law to have both sides for and against the bond presented, but no one was prepared to present anything against, so a motion to close the hearing was passed.