During Tuesday night’s city council meeting, West Bountiful City Council approved the issuance of roughly $4.8 million in a bond that will be aimed toward improving several water issues within the city.
“The timing was great on the city’s part,” said Jason Burningham, West Bountiful’s bond adviser with Lewis, Young, Robertson and Burningham. “Interest rates were very low and West Bountiful did a great job in presenting itself as a model city when applying for the bond.”
The interest rate was the most exciting news the city council heard that night, as they found out that the bonds were sold for only 3.94 percent over an estimated 20 year span.
“We are quite pleased to be paying a rate below 4 percent,” said West Bountiful Mayor James Behunin. “It will allow us to upgrade the city’s water system at a much lower cost than we would have paid just a year ago.”
Some of those projects include the rebuilding of the water line on 500 South. Behunin said it will be the first on the city’s list in order to get ahead of the reconstruction of the road.
“UDOT (Utah Department of Transportation) has agreed to incorporate the installation of our water lines as part of that project,” he said. “That will give the city some huge savings on the project.”
Also on the list of projects is the extension of a new water line to the far west end of Porter Lane, where residents along that road have been living without culinary water and rely mainly on a series of wells.
The city’s plan is to have roughly two or three projects every year for the next 10 years.
The bond is set to be received by the city early next week, perhaps as early as Monday.
“This is going to work out great for (West Bountiful),” said Burningham in a phone interview. “They probably received one of the best rates around, which will bode well for them in the future.”
sgillet@davisclipper.com
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