Davis considers bonds to speed up flood-control projects

FARMINGTON — Davis County commissioners are looking to issue up to $27 million in bonds to finance construction projects connected to the county's flood-control channels.

Tuesday, commissioners approved a resolution stating the county's desire to move forward. A public hearing on the matter is set for April 28.

In late 2006, commissioners passed a tax increase that included giving Davis County Public Works $1.7 million more a year for flood-control projects.

Those projects were only part of a 37 percent increase on the county portion of the property tax. The majority of the tax increase is running the Davis County Jail, and a minor portion is being used to help the county's Division of Senior Services programs.

From the time the tax increase was imposed, officials have been making plans for to issue bonds, which is a form of borrowing money.

Kirk Schmalz, public works director, figures he can get more projects done by getting the money now rather than doing projects over the next 14 years.

Schmalz's predecessor, Tom Smith, outlined $52 million in flood-control projects before he retired in 2006 and estimated it would take 14 years to accomplish them all.

Though the funds would likely be available this year, projects still have to be designed. Schmalz predicts "we could hit the ground running" in spring 2010.

Projects include building debris basins to keep rocks from scouring the bottom of concrete and metal pipes; replacing and repairing those pipes; covering flood channels in some places; and strengthening open flood channels to stave off erosion.

A bonus for doing the financing now, said Davis County clerk/auditor Steve Rawlings, is that construction costs are going down.

For two recent public works projects the county bid out, bids came in about 30 percent below what the county had estimated. At the time the tax increase was imposed, construction costs had been on the rise.

"This appears to me to be tremendous opportunity," Schmalz said. "We're seeing prices and costs better than I've seen in years. I know it will be better for the county."

Jon Bronson, vice president of Zions Bank Public Finance, said he expects the county to maintain its AAA rating, which, to investors, carries the lowest risk among rated bonds.

E-MAIL: jdougherty@desnews.com