will sell bonds to raise money for water tank
By Di Lewis
February 24, 2006 | SMITHFIELD -- Water revenue bonds
will be available to residents in April to raise money
for a new water tank.
The decision was made at Wednesday's City Council
meeting, and the bonds will be backed by Zions Bank.
Alex Buxton, a representative from the bank, said the
maximum amount that will be issued is $2 million and
the bonds will have a 20 year maturity.
"We set these parameters as a maximum; we try to set
it with a lot of room. So we'll go up to $2 million,
but we won't exceed that amount," Buxton said.
A notice of issuance of the bonds will be in the newspaper,
Buxton said, and anyone with concerns or questions about
the legality will have 30 days to contest the bonds.
The Youth Council also delivered a report on their
activities. "We read to kids at Sunrise every Friday
to help the teachers out," said Trevor Ross, a representative
for the youth council.
"Tomorrow we're getting toy cars from a man in St.
George," said Jodi Knight, another representative for
the youth council, "and we'll paint them and distribute
them to kids without a lot of toys.
"We also did job-shadowing," Knight said. "We picked
an employee of the city and followed them around to
see what they do."
Councilwoman Kris Monson said one of the students
got to observe the investigations of a stolen diamond
ring and a dead body while job-shadowing the police.
Additionally, Chad Harris from Smithfield Dental and
Bob Lewis from Expertec Automotive approached the council
about support for annexing and rezoning land that they
said they want to relocate their businesses onto. The
council said Harris and Lewis should try to annex the
property before asking for additional help or opinions
because they didn't want to make promises about property
that wasn't part of Smithfield.