The State of Utah has been issuing its AAA/Aaa/AAA general obligation bonds annually for highway construction under a $1 billion legislative authorization since 2017. In addition, the State has issued debt to finance a new prison, additional state facilities and liquor stores. The State’s population is projected to continue to grow which will likely result in future bonding for additional infrastructure, including transportation and water. Zions Public Finance has served as the State of Utah's Municipal Advisor for at least the past three decades.

Salt Lake County is the financial and economic heart of the State of Utah. The County has over 1.1 million residents, or approximately 36% of the total population of the State. Salt Lake County maintains AAA/Aaa/AAA ratings on its general obligation bonds and is an active issuer - including an annual tax and revenue anticipation note issue. The County has recently been issuing bonds for new library facilities and parks and open space projects.

The Metropolitan Water District of Salt Lake & Sandy $47.135 million Convertible Water Revenue Refunding Bonds initially provided capital for the reconstruction of a 40-million-gallon storage tank which provides service to Salt Lake City, the state’s capital city. Given market conditions, Zions Public Finance, Inc. proposed to refund the initial bonds and given the recent federal legislation prohibiting advance refunding, recommended a “Cinderella” structure (convertible from taxable to tax-exempt interest rates at a specified date in the future). The bonds were directly purchased by one investor with flexible prepayment options.

Park City cites affordable housing as one its top priorities. Zions Public Finance, Inc. (ZPFI) has worked with the City in looking at ways to promote, encourage, and finance affordable and attainable housing. ZPFI advised on two recent sales tax bond issues that funded, among other things, almost $30 million for the construction of affordable/attainable housing. The City donated land it already owned, manages the construction and sale of deed-restricted units, and charges purchasers (selected through an application process) approximately 80% of the construction cost in order to allow the units to be more affordable. Funds generated by the sale of these housing units will be redeployed on future projects, and the bonds will be repaid through tax increment generated from an existing RDA.

The Jordan School District needed funds for school construction projects, but was also struggling with complicated federal regulations surrounding investment earnings on funds tied to bond issues. To help comply with the regulations and facilitate the construction needs, Zions Public Finance, Inc. recommended a smaller than usual directly purchased bond issue with very flexible prepayment features. The bond proceeds could be used for school construction projects and the prepayment features allowed the District to spend accumulated investment earnings enabling compliance with federal regulations and permitting the District to get out of debt faster.

The Santa Clara City $2.1 million Sales Tax Revenue Bonds financing is for the construction of the Chapel Street Bridge which provides a second bridge across the Santa Clara River. Working with Santa Clara City and the Community Impact Board (CIB), Zions Public Finance, Inc. was able to accelerate the loan closing which took place 34 days after the CIB granted approval for the project.

Do you know where your water comes from? Many of us have no idea, but in the case of Pleasant Grove, Utah residents, some may know that a portion of their drinking water comes from pristine mountain springs located on Mount Timpanogos. Zions Public Finance, Inc. was asked to advise on the financing package used to refurbish those springs and the pipelines used to bring water from those springs through Battle Creek Canyon to the City’s drinking water system. The springs have been in operation for over 100 years and this project was critical to maintaining productivity and minimizing contamination. The financing package was provided by the State of Utah, Division of Drinking Water at a subsidized rate of 2.0% repaid over 20 years.

Zions Public Finance, Inc. (ZPFI) was hired by Tremonton City to be their municipal advisor on a $3.4 million Water Revenue Bond to finance the construction of a pressurized secondary water system within the City. Some of the specific pressurized secondary water system improvements included the installation of approximately 50,000 linear feet of PVC water pipe ranging in sizes from 6” to 10” with associated appurtenances and incidental work. The construction also included installation of water laterals, water meters, pump station, telemetry work, electrical work, and other necessary work and improvements. Although the size of the bond was relatively small, ZPFI was able to procure 18 different financing proposals through a Request for Bids process. With ZPFI assistance, the City was able to lock in a 15-year fixed interest rate, significantly lower compared to what the City had previously anticipated.

Zions Public Finance, Inc. assisted Beaver City to procure 0% financing through the Board of Water Resources for improvements to the Mammoth Canal pressurized irrigation pond and hydroelectric inlet structure. This structure feeds water to the Beaver City hydroelectric plant and pressurized irrigation pond.

Zions Public Finance, Inc. advised the College of Western Idaho in the issuance of $13.27 million of Annual Appropriation Certificates of Participation (COP). The COP, which had no budgetary impact, allowed the College to convert an existing facility lease from a developer into a lease-to-own structure in the bond market. The annual appropriation provisions of the structure allowed the College to finance the facilities without an election, and after 15 years of appropriations the College will own the facilities free and clear.

Voters within the City of Sun Valley approved a $17.5 million General Obligation bond for roads and paths. Zions Public Finance, Inc. assisted the City in the issuance of bonds, drafting the preliminary and final official statements and carrying out what is arguably one of the most successful competitive sales in Idaho, which saw 12 bids and a spread of just 0.08% between the first and last bidders.

Voters in the Jefferson School District in Rigby, Idaho approved $36 million in new General Obligation bonds. Zions Public Finance, Inc., the longtime advisor to the District, worked with the District for several years prior to the bond election to build levy rate capacity to align with a long-term facilities plan. The District’s efforts in this regard resulted in the bond issue having no tax rate impact.

Voters in and around the City of McCall, Idaho authorized the consolidation of the City’s wastewater distribution system with the Payette Lakes Recreational Water & Sewer District. Voters of both entities had to approve the consolidation, as well as the issuance of $22.07 million of new wastewater revenue bonds by the District to fund system upgrades, acquisition of the City’s system assets, and retirement of the City’s existing debt. Zions Public Finance, Inc. worked with the District for months ahead of the election to evaluate multiple consolidation options before assisting the District in the eventual sale of the bonds.