The Tooele City Council adopted a resolution on September 2, 2026, authorizing the issuance of Sewer Revenue Bonds, according to a September 3 notice. The bonds will fund improvements to the city's sewage collection and treatment system, as well as necessary reserves and issuance costs.
The bonds will have an aggregate principal amount not to exceed $14,000,000. They are set to bear interest at a rate not exceeding 5.50% per annum and will mature no later than 26 years from their issuance date. The bonds may be sold at a discount from par not exceeding 2.00%.
Repayment of the bonds will be secured by a pledge of net revenues from the sewage system. The city currently has $2,456,000 in outstanding bonds secured by these same net revenues. Based on current estimated interest rates, the total cost to the city for the proposed bonds if held to maturity is estimated at $17,994,268.
A copy of the resolution and related indentures is available for examination at the City Recorder's office at 90 North Main Street in Tooele during regular business hours. Any person has the right to contest the legality of the resolution or the bonds for a period of 30 days following the publication of the notice.
