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  9. EM Bond History

EM Bond History

In general Cities in Utah can do three types of bonds. Each bond is treated differently in regards to their terms, and how the money is collected to pay them off. Special Assessment Area (SAA), or Special Improvement Districts (SID’s) “The areas were established to finance the acquisition and construction of specific improvements that developers and the City did not finance on their own. To finance these Districts, the City issues bonds in its name under a Special Revenue arrangement. Developers/landowners are assessed annually, on a per acre basis, to determine the amount of money required to pay the debt service on the bonds. All lots sold or transferred within the area are required to pay the entire assessment at the time of sale or transfer of ownership. This money, known as a prepayment, is used to pay debt service on bonds. Land that has thus been sold or title-transferred is removed from the annual assessment list.” [Source: Eagle Mountain Adopted/Operating Budget Fiscal Year 2017-2018 pg 252] Revenue Bonds “Currently, the City has no debt resulting from General Obligation Bonds. Because of this lack of debt, the City has not officially adopted the State’s legal debt limit for such bonds. Since there is no debt due to such bonds, the City is not concerned about exceeding the legal debt limit. If General Obligation Bonds are secured in the future, the City will ensure through its fiscal policies that the State’s legal debt limit is not exceeded. State statute limits the amount of general obligation debt a governmental entity may issue to 4% of its total taxable value. The assessed value of the City at the end of FY 2015 was $714,063,591, allowing a debt limit of $28,562,544. Additionally, state statute allows for an additional 8% to be used for water, sewer, or other The City has used revenue bonds to pay for improvements to the utility systems. Revenues from the City’s water and sewer utilities are pledged for the repayment of debt. Revenue bonds are perceived as having fewer resources available for repayment as compared to General Obligation (GO) Bonds, and therefore do not receive as low interest rates as GO Bonds.” [pg 253] General Obligation Bonds “The City currently has no General Obligation debts. GO Bonds work by pledging the full faith and resources of the City to pay debt obligations. These are considered safer than revenue bonds and therefore the City can obtain better interest rates on GO Bonds. However, GO Bonds require voter approval via ballot whereas revenue bonds do not. The City has attempted to issue GO Bonds in the past, but citizens voted down the bonds.” [pg 253]

Eagle Mountain Bond List

This list of bonds was supplied to me by the city. I then went through the city council meeting notes to verify the amounts, and to get the dates and voting records associated with each bond. Some of the bonds were not contained in the minutes, or I had trouble finding them. I have included any supplemental sources in the Additional Resources section at the bottom of the page. If you find any inconsistencies, or errors, please let me know.
1997-30 Bond services agreements with specified financial service providers – Oct 9, 1997 $1,215,000 Telecommunication Revenue Bond Anticipation Notes, Series 1997 (Item C.1) – Oct 9, 1997 $1,350,000 Gas And Electric Revenue Bond Anticipation Notes, Series 1997 (Item C.2) – Oct 9, 1997 $4,910,000 Water and Sewer Revenue Anticipation Notes, Series 1997 (Item C.3) Council Members: (Aye) Nick Berg, Diane Bradshaw Mayor: Debbie Hooge (Aye)
1997-36 Bonds, SID 97-1 special assessment in the amount of  $2,195,000, Series 1997 Resolution 97-36 – Dec 16, 1997 $2,195,000 Utah Special Improvement District No. 97-1 (Item C.5) Council Members: (Aye) Nick Berg, Diana Bradshaw, John Jacob, and Cyril Watt Mayor: Debbie Hooge (Abstained)
1998-28 Bonds, SID 98-3 special assessment in the amount of $5,090,000 Series 1998 98-3 Sweetwater Road/Storm Drainage Phase I – Dec 8, 1998 $5,090,000 (Item 9) Council Members: (Aye) Dan Valentine, Bill Chipman, Diane Bradshaw, and Cyril Watt Mayor: (Aye) Robert E. Bateman
1998-29 Bonds, water & sewer revenue in the amount of $1,470,000 – Dec 8, 1998 $1,470,000 Water and Sewer Revenue Bond Anticipation Notes (Item 10) Council Members: (Aye) Dan Valentine, Bill Chipman, Diane Bradshaw, and Cyril Watt Mayor: (Aye) Robert E. Bateman
1999-04 Bonds, SID 98-1 special assessment in the amount of $12,105,000, Series 1999 – May 4, 1999 $12,105,000 (Roads, Water, Sewer, Telecommunications, Electric, Gas, parks, Landscaping, Miscellaneous Work) (Item 13) City Council: Dan Valentine (Aye), Diane Bradshaw (Aye), and Cyril Watt (abstained) Mayor: Rober E. Bateman (Aye) – Jul 5, 2000 – Payments made to John Newman for The Ranches Parkway and Pony Express Parkway Overlay
2000-04 Bonds, telecommunications reimbursement in the amount of $3,000,000 – Mar 7, 2000 – Amount not in City Council Minutes, only vote recorded. (Item 12) “approve Resolution #04-00, a Facilities Funding Resolution along with Exhibit 1, Utility Improvements and Timing Costs for the north and south service area.” City Council: (Aye) Dave Albrecht, Greg Kehl, Brigham Morgan, Dan Valentine Mayor: Paul Bond (Aye)
2000-17 Bonds, telecommunications revenue in the amount of $6,000,000, Series 2000 – Aug 15, 2000 – $6,000,000 Telecommunications Revenue Bond, Series 2000 (Item 11) City Council: (Aye) Dave Albrecht, Greg Kehl, Bret Ankrom Mayor: Paul Bond (Aye)
2000-20 Bonds, telecommunications revenue parameters, Series 2000 – Aug 29, 2000 – $7,500,000 Aggregate Principal Amount of Telecommunications Revenue Bonds, Series 2000 (Item 5) City Council: (Aye) Dave Albrecht, Bret Ankrom, Greg Kehl, and Brigham Morgan Mayor: Paul Bond (Aye)
2000-24 Bonds, telecommunications revenue parameters, Series 2000 – Oct 17, 2000 – Telecommunications Revenue Bonds, Series 2000 (Item 9) No amount Given in Minutes City Council: (Aye) Dave Albrecht, Bret Ankrom, Greg Kehl, Brigham Morgan Mayor: Paul Bond (Aye)
2000-25 Bonds, Gas and Electric revenue in the amount of $21,000,000, Series 2000 – Oct 17, 2000 – $21,000,000 Gas and Electric Revenue Bonds, Series 2000 (Item 10) City Council: (Aye) Dave Albrecht, Bret Ankrom, Greg Kehl, Brigham Morgan Mayor: Paul Bond (Aye)
2000-26 Bonds, Water and Sewer revenue in the amount of $9,500,000 Series 2000 – Oct 17, 2000 – $9,500,000 Water and Sewer Revenue Bonds, Series 2000 (Item 11) City Council: (Aye) Dave Albrecht, Bret Ankrom, Greg Kehl, Brigham Morgan Mayor: Paul Bond (Aye)
2000-30 Bonds, gas & electric revenue parameters, Series 2000 – Dec 5, 2000 – $23,000,000 Gas and Electric Revenue Bonds, Series 2000 (Item 13) City Council: (Aye) Dave Albrecht, Bert Ankrom, Greg Kehl, and Brigham Morgan Mayor: Paul Bond (Aye)
2000-31 Bonds, water & sewer revenue in the amount of $8,700,000, Series 2000 – Dec 21, 2000 $8,700,000 – Water and Sewer Revenue Bonds, Series 2000 (Item 4) City Council: (Aye) Dave Albrecht, Bert Ankrom, Greg Kehl, and Brigham Morgan Mayor: Paul Bond (Excused)
2000-32 Bonds, water & sewer revenue, amendment – Dec 21, 2000 – Amendment of an Equipment Lease-Purchase Agreement with First National Bank of Layton (Item 5) City Council: (Aye) Dave Albrecht, Bert Ankrom, Greg Kehl, and Brigham Morgan Mayor: Paul Bond (Excused)
2001-07 Bonds, Gas and Electric Revenue Bond $22,000,000, Series 2001 – Mar 20, 2001 – $22,000,000 – Gas and Electric Revenue Bonds, Series 2001 (Item 18) City Council: (Aye) Dave Albrecht, Bert Ankrom, Greg Kehl, and Brigham Morgan Mayor: Paul Bond (Aye)
2001-11 Bonds, gas & electric revenue in the amount of $20,825,000, Series 2001 – Apr 17, 2001 Gas and Electric bond. (Item 13) City Council: (Aye) Dave Albrecht, Gret Kehl, and Brigham Morgan Mayor: Paul Bond (Excused)
2001-13 Bonds, SID 2000-1 parameters $11,935,000 – Apr 25, 2001 – $11,935,000 SID 2000-1 (Item 5) City Council: (Aye) Dave Albrecht, and Bret Ankrom Mayor: Paul Bond (Aye)
2001-22 Bonds, telecommunications revenue in the amount of $4,400,000 Series 2001 – August 23, 2001 (Resolution 22-2001) No minutes found for this meeting on city website, resolution in link, contains agenda for the meeting. This bond was the only item on the agenda. City Council: (Aye) David Albrecht, Greg Kehl, Brigham Morgan, and Mark Lofgren Mayor: Kelvin Baily
2004-11 Bonds, Excise Tax Road Bonds No More than $1,500,000, Series 2004 – June 15, 2004 $1,500,000 Excise Tax Road Bonds, Series 2004 (Item 25) City Council: (Aye) Linn Strouse, David Blackburn, Vincent Liddiard, and Mark Madsen Mayor: Kelvin Baily (excused)
2004-16 Bonds, Excise Tax Revenue Road Bonds in the amount of $1,500,000, Series 2004 – August 3, 2004 (Item 19) City Council: (Aye) David Blackburn, Vincent Liddiard, Diane Jacob, Mark Madsen Mayor: Kelvin Bailey
2004-17 Bonds, SID 98-1 refunding parameters, amount of $6,295,000 Series 2004A – August 25, 2004 (Item 16) Note: Minutes not on City Website, received copy through GRAMA request. Response from City Recorder via email, “A copy of the minutes are attached. I’m not sure why but they were never officially approved. I’ve attached a draft copy that has been edited, not for content but to remove incomplete sentences that didn’t make sense; however, none of the motions have been modified from the original version.” [Email] City Council : (Aye) Linn Strouse, David Blackburn, Vincent Liddiard, Diane Jacob, and Mark Madsen Mayor: Kelvin Bailey
2005-14 Gas and Electric Revenue Refunding Bonds $22,000,000, Series 2005 – August 2, 2005 (Item 1) City Council: (Aye) David Blackburn, Vincent Liddiard, Brian Olsen, Janiece Sloan, and Linn Strouse Mayor: David Lifferth
2005-17A Bonds, gas & electric refunding in the amount of $22,000,000, Series 2005 – September 14, 2005 (Item 1) Special Session City Council: (Aye) David Blackburn (telephone), Vincent Liddiard (telephone), Janiece Sloan, Brian B. Olsen, and Linn Strouse Mayor: Pro Tem Vincent Liddard
2006-04 Bonds, SID 2000-1 refunding in the amount of $8,840,000, Series 2006 – February 7, 2006 (Item ?? Page 6) City Council: (Aye) David Blackburn, Heather Jackson, Vincent Liddiard, David Lifferth and Linn Strouse. Mayor: Brian B. Olsen
2006-06 Bonds, water & sewer revenue & refunding, $9,600,000, Series 2006 – March 7, 2006 (Item ?? Page 19) City Council: (Aye) David Blackburn, Heather Jackson, Vincent Liddiard, David Lifferth, and Linn Strouse Mayor: Brian B. Olsen
2007-11 Bonds, water & sewer parameters, Series 2007 – June 5, 2007 $16,500,00 Water and Sewer Revenue and Refunding Bonds Series 2007 (Item ?? Page 11) City Council: (Aye) David Lifferth, David Blackburn, Vincent Liddiard, Linn Strouse, and Heather Jackson Mayor: Don Richardson
2007-14 Bonds, water & sewer revenue & refunding, $16,500,000, Series 2007 – June 5, 2007 (Item ?? Page 8) City Council: (Aye) David Blackburn, Heather Jackson, Vincent Liddiard, and David Lifferth Mayor: Don D. Richardson
2008-03 Bonds, water & sewer revenue in the amount of $4,750,000, Series 2008 – February 5, 2008 (Item 17) City Council: (Aye) Donna Burnham, Eric Cieslak, Ryan Ireland, David LIfferth, and Nathan Oschenshirt Mayor: heather Jackson
2008-16 Bonds, water & sewer parameters, $6,665,000 Series 2008 – June 17, 2008 (Item 22) City Council: (Aye) Donna Burnham, Eric Cieslak, Ryan Ireland, David Lifferth Mayor: Heather Jackson
2008-19 Bonds, water & sewer revenue in the amount of $6,665,000, Series 2008 – July 15, 2008 (Item 19) City Council: (Aye) Donna Burnham, Eric Cieslak, Ryan Ireland, David LIfferth, and Nathan Oschsenhirt Mayor: Heather Jackson
2008-26 Bonds, excise tax road parameters, $3,000,000 Series 2008 – August 19, 2008 (Item 27) City Council: (Aye) Donna Burnham, Eric Cieslak, David Lifferth, Nathan Ochesenbhirt, and (Nay) Ryan Ireland Mayor: Heather Jackson
2010-05 Bond election, $7 million for outdoor aquatic center, June election date – March 2, 2010 (Item 12) VOTE to Have City Staff look into it ($10,250,000). City Council: (Aye) Donna Burnham, Eric Cieslak, Nathan Ochsenhirt, John Painter, and (Nay) Ryan Ireland Mayor: Heather Jackson – March 16, 2010 (Item 16) VOTE to put it to election ($7,000,000) City Council: (Aye) Eric Cieslak, Nathan Ochsenhirt, John Painter, (Nay) Donna Burnham, and Ryan Ireland Mayor: Heather Jackson – May 4, 2010 – Motion to move to general, not primary election. (Item 15) City Council: (Aye) Donna Burnham, Eric Cieslak, Nathan Ochesnhirt, John Painter, and (Nay) Ryan Ireland Mayor: Heather Jackson
2010-13 Bond election, $7 million for outdoor aquatic center, November election date – September 21, 2010 – Public Hearing (Item 10) – October 20, 2010 – General Discussion (Town Hall) – November 2, 2010 – VOTE by residents: Yes: 1107 25.73%, No: 2,439 74.27% Total Votes: 3284
2011-07 Bonds, gas & electric revenue parameters, Series 2011 -May 3, 2011 $12,800,000 (Item 26) City Council: (Aye) Donna Burnham, Jonathan Celaya, Nathan Ochsenhirt, John Painter, and (Nay) Ryan Ireland Mayor: Heather Jackson
2011-12 Bonds, gas & electric revenue in the amount of $12,800,000, Series 2011 – August 2, 2011 (Item 12) City Council: (Aye) Donna Burnham, Jonathan Celaya, Nathan Ochsenhirt, John Painter, and Ryan Ireland Mayor: Heather Jackson
2013-21 Bonds, water & sewer revenue in the amount of $3,400,000, Series 2013 – October 15, 2013 (Item 13) City Council: (Aye) Donna Burnham, John Painter, Ryan Ireland, Richard Steinkopf, Nathan Ochsenhirt Mayor: Heather Jackson
2014-16 Bonds, water & sewer refunding in the amount of $11,000,000, Series 2014 – November 18, 2014 (Item 17) City Council: (Aye) Adam Bradley, Donna Burnham, Ryan Ireland, Richard Steinkopf, Tom Westmoreland Mayor: Chris Pengra
2015-03 Bond escrow agreement, gas & electric – escrow agreement and such other actions as necessary to effect payment or defeasance of gas and electric bonds. – February 17,2015 (Item 17) City Council: (Aye) Donna Burnham, Adam Bradley, Ryan Ireland, Richard Steinkopf, Tom Westmoreland Mayor: Chris Pengra
2015-05 Bonds, water & sewer parameters, $600,000 Series 2015 – March 17, 2015 $600,000 Sewer Revenue Bond(Item 14) City Council: (Aye) Donna Burnham, Adam Bradley, Ryan Ireland, Richard Steikopf, Tom Westmoreland Mayor: Chris Pengra
20170-13 Water and Sewer Revenue Refunding Bond, Series 2017A – October 17, 2017 $5,000,000 (Item 13A) City Council: (Aye) Adam Bradley, Colby Curtis, Stephanie Gricius, and Tom Westmoreland Mayor: John Painter
20170-14 Water and Sewer Revenue Bonds, Series 2017B (White Hills area of Eagle mountain) – October 17, 2017 $1,500,000 (Item 13B) City Council: (Aye) Adam Bradley, Stephanie Gricius, Tom Westmoreland, and (Nay) Colby Curtis Mayor: John Painter

Additional Resources

Eagle Mountain Adopted/Operating Budget – Fiscal Year 2017-2018 Aug 24, 2004 CC Minutes – were not located on the website. Email about Aug, 24, 2004 CC Minutes from City Recorder Resolution 22-2001 Resolution 07-2011 (GRAMA request Documents) Details for Resolutions 07-2011 and 12-2011 Resolution 07-2011 (GRAMA request Documents) 2011-12 Document 1, Document 2, Document 3, Document 4, Document 5

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