UTOPIA appeared before the Tremonton city council a couple of weeks ago to discuss refinancing the current bonds held by the network. As you may recall, the bond market went sideways after these bonds were issued resulting is a significantly higher interest payment than was planned for. This move is meant to change up the bond structure to normalize the interest payments and reduce volatility. No, it’s not another request for money money, though I can already hear the Utah Taxpayers Association gearing up to spin it that way. The principle, term, and payments will remain entirely unchanged, but the cities still have to sign off on it. It may be possible, however, to secure an even better rate on the bond as rates are well south of 4% right now.
If you get any scare messages about UTOPIA wanting to get more money, be sure to set the record straight.