OGDEN -- Weber County will have a public meeting July 17 to discuss refinancing bonds from 2003 to save the county money and provide financing for the Ice Sheet expansion.
The Board of County Commissioners of Weber County approved the public hearing during a recent meeting at the Weber Center.
The commission also set the maximum principal amount of the bonds, the maximum number of years over which the bonds may mature, the maximum interest rate the bonds may bear and the maximum discount at which the bonds may be sold. The commissioner also delegated to certain officers of the issuer the authority to approve the final terms and provisions of the bonds.
The commission set the maximum amount to be refinanced at $6.9 million, with a maximum interest rate of 5.5 percent.
Weber County Comptroller Dan Olsen said with interest rates ranging between 2.5 and 3.5 percent, the county will have plenty to work with.
Today's market is much lower than it was in 2003, which will save the county a lot of money, Olsen said.
After the public meeting, the county will hold what is called a competitive sale, which should take place in August.
During the sale, the county will accept bids from a variety of banks and will choose the institution with the lowest rate.
"We don't yet know who will buy the bond," Olsen said.
The county will formally announce the public hearing again during the two weeks prior to the meeting.