When UTOPIA first started in 2002, 11 cities, known as the “pledging” cities, bonded $185 million for construction costs using sales tax pledges as collateral to secure the bond. Unfortunately, due to several factors, UTOPIA is unable to cover the debt service on the bond and is relying on the pledging cities’ sales tax. The City of Orem has received funds from UTOPIA’s sister agency, Utah Infrastructure Agency (UIA) for the past 3 years. The funds received have covered all increases in Orem’s sales tax pledge since 2017. As network subscriber growth continues to increase, UTOPIA/UIA intends to begin contributing towards this debt.
- Posted on
- By wolfley
- In Orem Help Center
