Sale Of Bonds Will Mean New Streetlights, Park Improvements
Apr 17, 2015 06:36PM
● Published by Tom Haraldsen
The city council has taken the next step in the issuance and sale of $6.53 million of sales tax revenue bonds. The sale will allow West Jordan City to finance the cost of replacing certain streetlights with LED lights, as well as making improvements in several parks within the city.
The action came on March 25 after the council previously approved issuance of the bonds on Feb. 25. The bonds will be paid back with proceeds from sales tax revenue over the next 10 years. Approval for the bonds was actually $7.25 million, but Finance Manager Ryan Bradshaw said the initial sale will be at the lesser amount.
“We have 5,045 light poles in the city, and replacing these lights with LED lights will save the city about $200,000 per year on power bills,” he said. “We will issue these bonds within the next 30 days.”
Remaining funds will be used for park upgrades in 24 city parks, 10 pavilion replacements and 18 playgrounds that will be brought up to ADA standards. A portion of the bonded amount will also cover the cost of issuance of the Series 2015 bonds.
City staff will begin the schedule for both light replacements and park improvements once the bond proceeds have been accrued.