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Issuance date unclear

by Jay Hamburger OF THE RECORD STAFF

Park City Manager Tom Bakaly says it is uncertain when City Hall will issue the $15 million in bonds voters authorized on Tuesday.

Property owners in Park City would not be charged for the bonds until they are issued.

According to Bakaly, the timing of the sale depends on the work of a City Hall committee that will be seated to recommend which projects should be funded. He says the bonds could be sold as early as 2008.

If they are sold by that spring, the tax increase would appear on 2008 property-tax bills, he says. If not, the higher taxes would probably start when the 2009 bills are issued.

Bakaly is unsure of City Hall will issue the bonds at once or issue them in stages. If they are issued in stages, the property-tax increase would be split between the different issuance dates, and the bonds would be repaid at different times.

The City Council decides when to issue the bond and whether they should be done all at once.

City Hall’s calculations show the bond will cost someone owning a $665,000 house $111.72 annually. Someone who owns a vacation home or a commercial property valued at the same price would pay $203.13 each year.


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