The High Valley Transit District held a public hearing on July 18, 2024, to discuss the issuance of Series 2024 Sales Tax Revenue Bonds. The meeting was held both electronically via Zoom and in person at the Sheldon Richins Building in Park City.
The bonds were authorized by a resolution adopted by the Board of Trustees on June 20, 2024. The Series 2024 Bonds were intended to finance the Series 2024 Project, which includes constructing an administration and operations building. This complex was planned to feature a framed second story for public meeting space and future subsidized housing, as well as bus maintenance and charging facilities and sheltered transit bus parking.
The Issuer intended to issue the bonds in an aggregate principal amount of up to $20,000,000. The bonds were to mature in no more than twenty-one years and carry an interest rate not exceeding 6.0% per annum. The total estimated cost of the bonds, if held until maturity, was calculated at $38,984,234.30.
To secure the bonds, the Issuer proposed pledging up to 100% of specific Summit County sales and use taxes related to public transit and highways. The District currently has $9,385,000 of outstanding bonds secured by these revenues.
The public hearing served to gather input on the issuance of the bonds and the economic impact the project might have on the private sector. Under Utah law, a 30-day period was provided for individuals to contest the legality of the resolution or for registered voters to sign a petition requesting an election to authorize the bond issuance.
