Thursday, May 15, 2014

Council Approves Issuance of Bonds for Cemetery Expansion


Cemetery Expansion.jpg

The Council unanimously approved the issuance and sale of cemetery revenue bonds to fund an expansion of the Provo City Cemetery, which is very near to its capacity, at Council Meeting on May 6, 2014.

Provo City Cemetery was founded in 1853, and has around 38,000 plots, covering 45 acres.  Currently there are less than 1,000 plots available. The expansion will add approximately 8 acres which the city already owns.

As a result of a competitive bidding process, a loan by investors to the city, administered by Capital One Public Funding LLC, was chosen in the amount of $2,340,000 on a twenty year term. The city was given a very favorable rate of 3.87%.

Funding for the repayment of the loan will be through those that use the cemetery by paying plot sales and burial fees. If sales are higher than expected, the city has the option to pay off the amount early.

This project supports the Council's Vision 2030 core values of:
  • Preserving legacy to future generations
  • Creating sense of place in Provo, and how our heritage influences who we are
  • Our understanding of the connection between living spiritual values and well-being
  • Our effective and well-maintained public infrastructure.

The expansion also fulfills the city’s General Plan requirements for a City Cemetery:
  • General Plan, Chapter 7: Parks, Recreation, and Open Space

  • Provo City Parks and Recreation Goals
    • Goal 11: Provide a burial park that meets the needs of the citizens in times of bereavement and which also adds to the beauty and dignity of the community