The Wasatch County Council approved bond parameters at this week’s council meeting to finance a new Wasatch County Administration Building and refinance an existing courthouse expansion project bond.
The Wasatch County Council voted this week to approve bond parameters to finance the construction of a new Wasatch County Administration Building and refinance an existing bond for the ongoing courthouse expansion project. The combined bond amount will not exceed $45 million. A public hearing will be held on Wednesday, Feb. 18, at 6 p.m., during which residents may provide comments before debt issuance is finalized.
Up to $25 million of the bond will be used to finance half of the construction cost for Wasatch County’s new administration building, which is expected to break ground this spring. The remaining cost of the building will be paid from cash reserves.
The new facility is being designed to meet the needs of a rapidly growing community and to consolidate county services currently spread across multiple buildings. The building is projected to be completed in late 2027.
The remaining portion of the bond will be used to refinance a 2024 lease revenue bond issued for the courthouse expansion project. By refinancing at lower interest rates and consolidating the debt, Wasatch County expects to save more than $1 million. The refinance will not extend the term; the new bond will have the same expiration date as the original.
The $23 million courthouse expansion project is currently within budget and on schedule for completion in August 2026. Although Wasatch County originally bonded for the full cost of the courthouse expansion project, the State of Utah will reimburse half of that cost as part of the joint expansion effort.
The resolution approved by the council authorizes borrowing up to $45 million, to be repaid over 21 years. The county will use existing revenue sources and anticipated growth within those revenue streams to repay the debt. No property tax increase is planned or required to support the bond.
Unlike a general obligation bond, voter approval is not required. However, the public is invited to attend a public hearing on Wednesday, Feb. 18, at 6 p.m. to provide feedback before the bond is issued.