Parowan sets Nov. 12 hearing on up to $500,000 in library bonds
The notice says no taxes would be pledged; a state grant and low-rate loan could cut repayment to about $415,030.
PAROWAN - Parowan residents can weigh in Thursday, Nov. 12, on a plan to borrow up to $500,000 to help build library facilities, according to a notice from the Local Building Authority of Parowan City. The hearing starts at 5:30 p.m. at 35 East 100 North.
What it means for you: The notice says no taxes will be pledged to repay the lease revenue bonds; the facilities built would secure them. At the full amount, the longest term of 32 years and the top rate of 3%, repayment would be about $778,405. But the city has a commitment from the State of Utah Permanent Community Impact Fund Board for a $142,000 grant, which need not be repaid, and a $333,000 loan at no more than 1.5% over 30 years. Under that package, repayment would be about $415,030.
For 30 days after the notice's last publication, anyone with an interest can challenge the bonds' legality in district court, and registered voters can petition for an election. If at least 20% of the city's registered voters sign, the authority must hold one before issuing the bonds. The bond resolutions are on file at the city offices.