Bond sales have been approved in one school district and two communities in south-central Utah, amounting to $3,174,000.
The Garfield School District Board of Education authorized selling $1.5 million in general obligation bonds. Panguitch City sanctioned a water revenue bond sale for $320,000 and road improvement bonds for $154,000. Two bond sales of $300,000 each were authorized by the Gunnison City Council in Sanpete County.The Garfield School District's general obligation bonds will permit construction of a new gymnasium and auditorium at Bryce Valley High School in Tropic. The bonds, which carry an interest rate not to exceed 5 percent each year, will mature in 20 years and are being sold to the State Community Impact Fund Board.
Panguitch City will use proceeds from the $320,000 bond sale to the state's Board of Water Resources for culinary water system improvements. Road improvement bonds in the amount of $154,000 are being sold to the Community Impact Board. The water bonds will carry a 5 percent interest rate payable over 25 years, but the road improvement bonds are interest free and will mature in 20 years.
In addition to the $600,000 from bond sales, Gunnison City received a $100,000 grant from the Community Impact Board to finance a $650,000 project to drill a well and improve the culinary water system. The city will draw $50,000 from its own coffers.
Water bonds are being sold in two series, each of $300,000, and are free of interest. The Series A bonds are being sold to the Board of Water Resources and the Series B bonds to the Utah Safe Drinking Water Committee. The Series A bonds will mature with 25 annual installments and the Series B bonds with 20 yearly payments.