Public Hearing
Date: June 12, 2024
Start Time for Public Hearing: 6:30 pm
Place To Be Held: 45 S 100 E, Spring City Utah 84662
Spring City gives public notice of a Public Hearing to be held on June 12, 2024. The purpose of this public hearing is to receive input from the public on culinary water bonds. The total estimated project cost is $6,289,000. $6,198,000 of the project cost shall be covered by the loan/grant ($4,338,000 loan and $1,860,000 grant/principal forgiveness). The City is obligated to contribute $100,000 towards the project. The loan from DWB in the amount of $4,338,000 will bear interest at 1% and is repayable as follows:
Bond (Loan) Payable Interest Rate Term (years) Annual Payment Required Annual Reserve Payment Total Annual Payment
$4,338,000 1% 40 $135,470 $13,547 (Years 1-10) $149,017
In order to pay the new bond indebtedness (loan) the City is proposing an increase in culinary water user charges per month per connection as follows:
Monthly base rate for connections within the City limits shall be increased from $53.00 to $58.00 pre month for 0 to 5,000 gallons.
Monthly base rate for connections outside the City limits shall be increased from $58.00 per month to $68.00 for 0 to 5,000 gallons.
The City will hold a public hearing at the City Office, 45 South 100 East, Spring City, Utah, on June 12, 2024 at 7:30 p.m. to receive public comment on the loan and the intended project. Anyone wishing to submit written comment may do so any time prior to the public hearing. Written comments should be addressed to:
Spring City
P.O. Box 189
Spring City, UT 84662
SPRING CITY PUBLIC HEARING AGENDA
Wednesday, June 12, 2024, 7:30 p.m.
The meeting will be held in the Council room at Spring City Hall, 45 South 100 East, Spring City, Utah. This meeting will be held live at the address above and via Zoom electronic meeting service. The Recorder of Spring City is inviting you to join the Zoom meeting at:
https://us02web.zoom.us/j/6566730839?pwd=Ny9SdHovN2RLSHd6dW44WG0yZFA0QT09&omn=87878658056
Meeting ID: 656 673 0839
Passcode: 4354622244
Public Hearing Agenda shall be as follows:
1. Roll Call
2. Culinary Water Project and Bond
3. Public Comment
4. Adjournment
Notice of Special Accommodations (ADA)
If you would like to attend this meeting, and due to a disability need assistance in participating in or understanding the meeting, please contact the City Recorder at 435-462-2244, twenty-four (24) hours in advance, and reasonable assistance to accommodate you will be provided.
Notice of Electronic or Telephone Participation
The Recorder of Spring City is inviting you to join the Zoom meeting at:
https://us02web.zoom.us/j/6566730839?pwd=Ny9SdHovN2RLSHd6dW44WG0yZFA0QT09&omn=87878658056
Meeting ID: 656 673 0839
Passcode: 4354622244