Herriman City has authorized the issuance of Sales and Franchise Tax Revenue Refunding Bonds, Series 2026, according to a August 27 notice. The City Council adopted a resolution on August 26, 2026, to authorize the bonds in order to achieve debt service savings by refunding a portion of the city's outstanding sales and franchise tax revenue bonds.
The city intends to issue the bonds in an aggregate principal amount of up to sixteen million dollars. The bonds are expected to mature in no more than ten years and will bear interest at a rate not to exceed six percent per annum. The issuance also aims to fund a deposit into a debt service reserve fund, if necessary, and cover the costs of issuance.
To secure the Series 2026 Bonds, the issuer proposes to pledge 100 percent of local sales and use tax revenues, municipal energy sales and use tax revenues, and telecommunications franchise tax revenues. The bonds are to be sold at a price of no less than ninety-eight percent of the total principal amount.
A copy of the resolution and the indenture is available for examination at the Herriman City Recorder's office, located at 5355 West Herriman Main Street, during regular business hours. By law, a thirty-day period from the date of publication is provided for any interested party to contest the legality of the resolution, the indenture, or the bonds.
