Price City has applied to the Utah Permanent Community Impact Fund Board for a loan to be used for the construction of water and sewer system improvements, including upgrading water and sewer lines on 100 South between 300 East and 700 East, repairing streets, and installing curb and gutters, 5 fire hydrants, ADA curb cuts and ADA detectable mats, and related improvements.

Security for the loan would be provided through the sale of a “nonvoted” Water and Sewer revenue bond to the Community Impact Board.  The Community Impact Board bonds will be issued in the amount of $300,000, bearing interest at a rate of two and one-half percent (2.50%) per annum, to be repaid over 20 years.  Payments shall be made from the net revenues of the City’s Water and Sewer systems.

Due to proper planning, it is anticipated that the base Water rate will remain at $26.72, and the base Sewer rate will remain at $30.50, respectively, per month to service this loan and existing Water and Sewer revenue bonds of the City.

It is the policy of the Community Impact Board to provide a period for public comment.  In this regard, the City invites comments on the Water and Sewer project and associated loan (either favorable or negative).  Interested individuals are encouraged to respond in writing before 4:30 p.m. on December 12, 2017.

The City will hold a public meeting at 5:30 p.m. on December 13, 2017 at the City Council chambers at 185 East Main Street, Price, Utah.  The City will receive both written and oral comments at that time.

Public comments will be considered and if there is significant opposition to the proposed project, the lending agency may require a bond election to obtain the Board’s funds.