Five cities that teamed up under the name Utopia — the Utah Telecommunications Open Infrastructure Agency — plan to issue up to $65 million of bonds to finance municipal fiber-optic cable service for homes and businesses.
The bonds, expected to be issued over the next five years, will come from the Utah Infrastructure Agency based on subscriptions to the service, UIA attorney Dave Shaw said.
The cities of West Valley City, Lindon, Orem, Layton and Midvale are expected to share resources under the aegis of Utopia. The cities of Perry and Tremonton voted against joining the consortium, but other cities are still considering.
Under the interlocal agreement, any Utah city can join at any time.
Utopia is made up of 11 Wasatch Front cities ranging from Brigham City and Tremonton to Orem and Murray. So far, the agency has received two rounds of funding backed by sales tax pledges.