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Show I FA approves $3.2 million bond Park Record Thursday, January 7, 1988 Page A3 by SENA TAYLOR Record staff writer Summit County's Interlocal Financing Authority Dec. an flnnrnv. ed the issuance of a $3.2 million bond that will be divided among 11 county entities in place of delinquent property pro-perty taxes owed for 1983 to 1986. The private placement bond will bring $1,726,738.70 to the Park City School District, $423,757.69 to Park City Municipal Corp., and $208,561.67 to the Park City Fire Service District. County treasurer Glen Thompson said the bond was closed Dec , 31, and he distributed the monies Jan. 4. The bond is being held by Zions First National Bank. The IFA's approval of the bond came a day after the county commission com-mission passed a resolution in favor of it. By state law, both the commission commis-sion and the IFA have to support it, with the commission as the creator of the IFA and the IFA being the responsible partv. This is the first time in Utah that counties have been able to bond for back taxes, following the Utah Legislature's passage of House Bill 249 in early 1987. Summit County is the only county to form an IFA, and as Thompson pointed out, the county commission elected to do so largely for Park City's benefit. Tax collections collec-tions have been close to 75 percent in the past, while other areas of the county receive collections of 90-plus percent. Representatives of the three Park City entities participating in the IFA say the money has been budgeted largely for capital improvement expenditures. ex-penditures. The school district, which gets the biggest chunk, has to give more than half of its $1.7 million to the Uniform School Code. Of the remainder the district keeps, district administrator Bill Sampson said the district will use $196,000 for the voted leeway, about $538,000 will be spent on capital outlay expenditures, and the rest ($78,700), will be spent on special transportation, community recreation and tort liability expenses. ex-penses. Special transportation is the fund the district uses to pay for costs the state doesn't subsidize, such as for activity trips and busing within one and a half miles of schools. The capital outlay projects to be funded by IFA monies for the school district have not all been earmarked yet, according to Sampson, but already purchased are computers for the high school that were installed install-ed last September. They took the place of older computers which were moved to the middle school, he said. The purchase of those computers came at the recommendation of the district's technology committee, at an expense of more than $100,000. Sampson said superintendent Ron Mclntire would like to see the board of education allocate $100,000 for a contingency reserve fund. Other expenditures ex-penditures from IFA monies in the future might be for a integrated learning system, said Sampson, but the school board has not approved monies for other capital outlay projects pro-jects at this time. Park City Administrator Arlene Loble said she is "pleased and delighted" about the $423,757.69 the city receives. "This has been very difficult for the county to deal with because there has been no precedent of an IFA in our area. But it's been a benefit to all of the taxing entities." en-tities." Kent Parker, finance director, said the city's IFA monies have been budgeted in the capital improvements im-provements fund. He said about $150,000 is for Deer Valley Drive pavement management, and about $200,000 is in the equipment and building replacement fund. Some of the projects falling under that category are the China Bridge Parking Park-ing Structure seal coating, Marsac Building roof repairs, police department depart-ment computer equipment, flag poles and a backhoe. Parker said the rest of the IFA allocation was budgeted for pavement management. manage-ment. Park City Fire Service District Chief Kelly Gee, similar to the other entities, said most of his district's IFA monies will go toward capital F ..,.. a I ..... mmmi Mb, ' Hf" J . r - -Mil I 111 . ' . ' X,- ' 7-. ' ffi I I hi '-.v - - fl Hi . I? .. ' - ..' . - . v-V I? i - 1 - . r - ft : , - - - - . ' i " ; i ' - r-z..- a 1 Heidi West They're heeere... The new state liquor store on Main St. opened New Year's Eve. It's a little tough to find, though... Turn right, that's down, at the sign just above Wyoming Woolens at 518 Main St. expenses. Of the fire district's $208,561.67, Gee said about $130,000 will be used in the capital contingency fund. That will cover the purchase of a new truck, defribillating equipment, new tools and other items. Gee said "Over the past years we've been able to save or budget enough to put into pur capital expense fund, and with the IFA it's kind of a windfallwe've wind-fallwe've been short for so many years." The terms of the bond require that it be paid in quarterly intervals over three and a half years. But Thompson Thomp-son said he hopes to have the bond paid in two and a half years to decrease the interest costs on it more quickly. Because this is the first time an IFA has been formed, its effectiveness effec-tiveness is unknown. Thompson said the costs alone for floating the bond amount to $98,000, not counting interest in-terest on the $3.2 million. Although he called those costs "substantial," he said "it's a good idea because the revenues are needed by the Park City Ci-ty entities. But as far as the county is concerned, we already budgeted for redemptions." Thompson said the Park City area is "hard-pressed for cash, so the county felt it was in its best interest of supporting Park City's needs. But whether or not it's the best way to go is debatable." He added that Park City officials "tell me it's absolutely essential to their survival and I can't second guess their feelings. But if it weren't for Park City's low collections, collec-tions, there would be no reason for this. That's why no other counties are doing it." Other Summit County entities participating par-ticipating in the IFA are the Hoytsville Cemetery District, the North Summit School District, Oakley, Summit County, Francis, Coalville and Kamas. The IFA will have the option to float another bond next year, but Thompson hopes one won't be enacted again until 1989 in order to see how effective this one is. If an IFA bond were purchased in 1989, it would make up for 1987 and 1988 delinquent taxes. Parkites pray for peace Park City added 30 or so minds to the world peace meditation which took place here in the early morning morn-ing of New Year's eve. The meditation was geared toward promoting world and individual in-dividual peace and goodwill, according ac-cording to organizers Quartus Foundation, from Austin, Texas. It was the second year the worldwide world-wide medidation took place, and an estimated one billion people participated. par-ticipated. Last year, Quartus said about 400 million joined in. The majority of groups involved in the activity are operating under the umbrella of the "Planetary Commission," a world-wide, non-political non-political or denominational organization without fund-raising activity. The commission is a grass roots movement launced by Quartus Foundation to give people a chance to work together for peace and world harmony. "We want to demonstrate that a sufficient number of world citizens can gather in a common bond to demand de-mand an end to hostilities, hunger, pverty and the subjugation of individual in-dividual freedom," said Barbara Douthitt, commission coordinator for Quartus. In Park City, people gathered at 4:30 a.m. and meditated in the Park City Community Church for the hour from 5 a.m. to 6 a.m., to be in synch with participants around the world. There were about twice as many locals involved in last year's meditation. LIVE ENTERTAINMENT following dinner Every Friday & Saturday evening Enjoy Complimentary Hors d' oeuvres 5-6:30 pirn. 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