SWEETWATER COUNTY – The sale of bonds issued for the 6th cent tax initiative was approved by the Sweetwater County 2013 Specific Tax Joint Powers Board, the Sweetwater County Board of Commissioners and both Rock Springs and Green River city councils.
The total amount received for the issuance of the bonds is $54,801,592 and the sales were completed the morning of July 16. The current interest rate on the bonds is 2.355 percent.
Bonds allow the issuer to incur debt, which must be re-payed over time at a specific interest rate. Municipal bonds are often issued by cities and towns to finance time-sensitive projects like road maintenance and sewage system improvements.
Commissioner Reid West, who represents Sweetwater County on the Joint Powers Board, said waiting to pay for the projects after collecting tax revenue for five years is estimated to cost more because of inflation than taking out a loan to finance the projects upfront and paying the loan back with interest.
The Joint Powers Board, which convened Tuesday in the County Commission Meeting Room, is composed of a representative from the following entities: the City of Green River, the City of Rock Springs, Castle Rock Hospital District, the Town of Superior, the Town of Granger, the Town of Wamsutter and Sweetwater County.
Bond payments will begin December of 2013 and are projected to end in December of 2018.
