The Municipal Building Authority of Wellington City has announced a public hearing to discuss the issuance of lease revenue bonds, according to an October 23 notice. The hearing will focus on the potential economic impact of the project on the private sector.
The Authority intends to issue lease revenue bonds with an aggregate principal amount not to exceed $750,000. These bonds will bear interest at a rate not to exceed 1.00% per annum and will mature in no more than 35 years from their date of issuance. The bonds are expected to be sold at a price of at least 99% of the total principal amount, plus accrued interest to the date of delivery. The security for the bonds will be a fire bay and related improvements. If the bonds are issued for the full amount and carried to maximum maturity at the maximum interest rate, the total amount to be repaid will be approximately $871,600. No taxes will be pledged for the repayment of these bonds.
The project has received a grant commitment of $250,000 from the State of Utah Community Impact Fund Board, which does not require repayment. The proceeds from the bonds will be used to finance part of the lease of a fire bay and related improvements for Wellington City in Carbon County, as well as to pay the costs of issuance and sale. The Authority Board has adopted a resolution declaring its intention to issue these bonds pursuant to the Utah Local Building Authority Act.
A public hearing is scheduled for November 10, 2026, at 6:00 p.m. at the Council Chambers located at 102 N 100 W. in Wellington, Utah. This hearing is intended to receive public input regarding the bond issuance and the economic impact of the facility on the private sector. Individuals interested in participating via Zoom must contact the city recorder at 435-637-5213 no later than 3:00 p.m. on the day of the meeting. For assistance regarding the Americans with Disabilities Act, individuals should call 435-637-5213 at least 24 hours before the meeting.
Registered voters within Wellington City may sign a written petition to request an election to authorize the issuance of the bonds. If petitions signed by at least 20% of registered voters are filed during a 30-day period following the first publication of the notice, the Issuer must hold an election. Copies of the bond resolutions are available for examination at the City offices from Mondays through Thursdays between 8:00 a.m. and 5:00 p.m.
