Payson to reconsider its vote on UTOPIA
Payson was the sole member in the 11-city UTOPIA network that voted to go against moving forward with a $181 million refinance. The refinance adds about $60 million and 13 years to bonding backed by sales-tax pledges from the 11 cities.
According to a posting on the city's Web site, Payson City Council will gather for a special meeting Monday night to reconsider its April 22 decision to reject the UTOPIA pledge for additional backing for the public fiber-optic cable utility.
City Council voted 4-1 to reject the pledge.
Council member Kim Hancock was the dissenting vote.
Before voting on the issue, several council members stated they felt they didn't have sufficient information to decide the issue.
If the City Council decides to uphold its April 22 decision, the city will be forced to start paying up to $259,920 annually in sales tax.
If the council overturns its previous decision and accept the new financing, that could put it on the hook for up to about $12 million over 33 years but would require no cash now.
Recent comments
You can't let it succeed! Once it makes it to all the homes...
Oh yeah, Kill it now! | May 9, 2008 at 7:51 p.m.
It seems peer pressure doesn't end when you leave high school...
Peer Pressure | May 9, 2008 at 1:59 p.m.
