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Show New Utah - Thursday. November 28, 2002 - Pace 10 iimpanogos Special Service District approves 2003 budget d.. u! , u;vj ctartintrrnnctnirtinn ferenee between the ing. included other rk.-, By Harlow Clark Timpanogos Special Service Ser-vice District approved the 2003 budget at its Nov. 14 board meeting. Treasurer Howard Sherwood Sher-wood presented the budget for $5,390,362, including interest income of about $275,000 from money TSSD has accumulated to pay bond principle and interest. The district has bonds outstanding from 1993, '94, '96 and '98, with payments totaling $837,195. Board chair Blaine Thomas asked if this might be a good time to refinance the 1998 bond, which is about $35 million. Asked about refinancing in a phone interview Sherwood Sher-wood said, "We can't," because the law only allows one defeasance (refinancing) (refinanc-ing) per issue, and the '98 bond is a defeasance of the '96 bond, though the refinancing refi-nancing didn't cover all of the '96 bond, which still has around $4 million outstanding. outstand-ing. The budget increases salaries by five percent, meaning a three percent raise and a two percent merit bonus available. The budget also allows for a 10 percent increase in health and accident premiums. Thomas said the budget for increased premium should be higher. Sherwood said later that from Thomas's experience as an insurance broker he feels premiums may rise 30 percent. "I think what we're going to do at the next meeting is compromise and raise it 20 percent," Sherwood said. There will also be a three percent increase to cities effective July 1. That equals a 1.5 percent increase for the year since the cities' fiscal fis-cal years start in July. Sherwood Sher-wood said later that the increase is partly to protect the bond holders' investment. invest-ment. Bond advisors recommended recom-mended an increase of three to five each year, Sherwood said, but TSSD has opted to only raise rates as needed to do its business. The bondholders bond-holders have the right to require a rate increase if they look at the regularly scheduled audit and think the district won't have enough revenue to cover payments. Sherwood also told the board there will be some shortfalls for this month, but an overall surplus of $339,634. He said later there's a $2,047,000 surplus for the year, but it comes mostly from impact fees, which can only be used for construction construc-tion and facilities. If you take only the money that's available for running the plant the surplus disappears, disap-pears, he said. The board approved the budget, but it may be amended at the next meeting meet-ing if the board decides to raise the budget for insurance insur-ance premiums. In other business the board discussed whether the sewer line coming through the west side of American Fork can handle effluent from three cities. That line carries effluent from Alpine and part of Highland. Board member Stephen Sowby moved to ask district engineers Bowen and Collins study how much can go through that line without with-out having it enlarged. District manager Garland Gar-land Mayne talked about lowering the elevation of a planned pump station in Alpine. The station will bring effluent down from houses up on Traverse Ridge, the top of the mountain moun-tain between Highland and Draper. The location was moved, and that move makes it too high to pump some of the effluent from Highland. Sowby said the move would probably require another permit from UDOT. Asked about that later, Sherwood said both locations loca-tions are on UDOT right of ways. The district wants to resolve the problem before starting construction. TSSD attorney Craig Carlile also spoke briefly about an appeals process for impact fees. His draft of the process sets up a fee and states that appeals go before the TSSD board. The sole remedy will be the dif amount assessed and what the assessment should have been. Carlile said that state code requires a decision within 30 days of an appeal's filing, "so we. may have to hold a special meet- The board also author ized some bill payments. Sowby asked about a $724 bill for handwipes and deodorizers. - District manager Garland Gar-land Mayne said that was a broad category which included other Deodorizers ui i.- but if you've be??J it, Mayne said. Clark can be contacted harlowclarkjuno.ccm are m. 7 It's Your O.EALTH Give Yourself the Best .5' W X 'A As you select your health insurance for 2003 make sure you choose a plan that gives you to . . . IHC Hospitals and the No. 1 integrated health care system in the country r (iff i i l ie: INTERMOUNTAIN HEALTH CARE American Fork hospital Or em Community Hospital Utah Valley Regional Medical Center For more information, contact your insurance agent or visit us at wwwihccom. 'P 5 J" i ' 0) Tit ;.n: vo .ve I hi! t; ..it li :,i 10 n T :ei :t, r L jllli |