Johnson Springs

Published in the High Desert Advocate March 21st, 2019 Edition.

At the West Wendover City meeting of last Tuesday, March 19, 2019, West Wendover City Manager Chris Melville produced a report that he is going to present to the Wendover Utah council and to Glenn Wadsworth, the Wendover City administrator in particular. Melville said he will be attending the Wendover Utah Council meeting this coming Thursday evening, March 21st,  about the Johnson Springs Transmission System Annual Report, to seek their support approval of the refinance, that the (Wendover Utah) Council approved at their last meeting. In April they are going to be having the Resolution concerning the debt management commission for that on the agenda. Melville continued: “So there is some things we will be going through over the next several months to get that accomplished.” The debt service comparison was put out to Debbie and Melville by Andy Artusa (from Zion Bank) and the Bond Council Tuesday (3/19/19), so they are showing that the savings is around $25,000. a year if both party (West Wendover and Wendover Ut) do a refinance. “In doing the refinance we will be using the Reserve Fund set aside with the USDA loan originally which is $173,000. that will go toward it, which the max bond amount is 2.2 Million is as the resolution …but it end up to being below that because that goes against it, so I will be explaining that to Wendover Utah as well, so our Fund balance, of the report to Wendover Utah on Johnson Springs, on the cash balance of the fund, the fund will be ending June 30, of 2020, will be $245,000./year; for this year it will be $243,000. So we need to work through the restriction of the funds who will be used for the bonds and so ounce Andy Artusa from Zion’s Public Finance and our Bond Council, Debbie and I will be going through that unless there are some major issues with that, we will just proceed to have the items on the agendas as plan for, if not I’ll come back and explain where we are at and go from there.  So that is moving forward, it will save over the long term a substantial amount for the Johnson Springs system over $400,000. So it is the right thing to do we just have to make it work right for us”. said West Wendover City Manager Chris Melville.