Springville residents are going to the polls today to decide whether to give city officials permission to refinance about $6.5 million in city debts.
City officials expect a low voter turnout in today's special bond election, but they hope citizens endorse the proposal.Officials are asking residents to approve a general obligation bond that will be used to refund water and sewer bonds issued in
1984 at rates higher than today's rates. The bonds were issued at rates between 7.5 percent and 10.1 percent. A new bond would be issued at about 6.75 percent.
The city is asking approval of the general obligation bonds because they carry lower interest rates than revenue bonds.
If approved, the bond will save the city more than $250,000, city officials say. The savings would be used to improve and maintain the city's water and sewer system.
No property tax revenues will be used to repay the bond, and approval of the bond will not result in a tax increase. The bond will be repaid with utility revenues.
The polls will remain open until 8 p.m. Results of the election will be discussed at the end of tonight's City Council meeting.
1 Senior Citizen Center
2 Westside Elementary
3 Sagecreek Elementary
4 Art City Elementary
5 Grant Elementary
6,7 Springville High