Motion Sheet - 9/8/2021Item E2
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
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MOTION SHEET
CITY COUNCIL of SALT LAKE CITY
TO:City Council Members
FROM: Ben Luedtke
Budget & Policy Analyst
DATE:September 7, 2021
RE:Resolution Authorizing Funding Our Future Sales Tax as Additional Security for Bond Payments
MOTION 1A – ADOPT
I move that the Council adopt a resolution authorizing the pledge of supplemental sales and use tax revenues for
debt payments on sales and excise tax revenue bonds and providing for related matters.
Staff note: adopting the resolution does not commit the City to spend Funding Our Future revenues on
debt payments for current or future bonds. The resolution would allow that option in the future. The
Council would need to approve such debt payments in a budget opening. This would also improve the
City’s debt ratio for issuing future bonds. Rating agencies may provide more favorable analyses that
could have benefits such as saving taxpayers money with lower interest rates.
MOTION 2 – NOT ADOPT
I move that the Council not adopt the proposed resolution and proceed to the next agenda item.