By Rebecca Dopp
Times-News Correspondent
The Levan Town Council approved Resolution No. 12112013-001 authorizing the issuance and confirming the sale of electric revenue bonds in connection with the Main Street project.
"This resolution is so we can go ahead and have a public hearing and this money is what we are going to use for our street improvements and electric improvements on Main Street," said Larry Durffee, Mayor Pro Tem.
"And also relocating the water lines," added Sandra Mangelson, council member.
Brent Taylor, council member over the Main Street project, said that the amount listed on the bond of $375,000 is not the exact amount. The resolution is passed up to $375,000 in case there are any problems. It also says to pay an interest rate not to exceed 2.5% if the town has to.
"It clarifies on there [the bond] the estimated total cost of the bonds that will be put on at this time without any unforeseen," he said. "The estimated total cost of the bond with CIB at this time is $293,000; estimated cost of interest is 0% because we got 30 years with zero interest."
By passing this resolution, Elizabeth Hone, town clerk, can now advertise the public hearing on January 8, 2014.
A meeting with Utah Department of Transportation and those affected on Main Street was held on December 12. Discussions on how properties were going to be tied-in with curb and gutter and sidewalks was held.
