Deep Dive news | The Utah Ledger
Deep Dive
How Salt Lake paid for the 2002 Olympics
Salt Lake’s organizing committee ended the 2002 Games with a surplus that funded venue upkeep, but governments paid for security, transport and other services outside its books. Dated, scoped figures show why.
Geneva Steel: a $110 million rescue, then another shutdown
A $110 million federally guaranteed loan helped Geneva Steel emerge from bankruptcy in 2001. Within a year the Utah mill was idle and back in bankruptcy; the government paid $92.1 million on its guarantee, and the equipment was sold to a Chinese steelmaker for $40 million.
RaPower-3: the solar lenses that sold tax benefits before electricity
A Utah promoter sold plastic solar lenses for $3,500 each with the pitch that buyers could zero out their federal taxes. Courts found the technology never worked, upheld a $50 million disgorgement order and denied investors’ credits, and a receiver has spent years chasing the money.
UTOPIA’s next bond and the older debt behind Utah’s fiber network
UIA has proposed up to $25 million in new bonds for the fiber network it shares with UTOPIA. This guide explains how the two agencies’ books differ, what the records show, and what remains unconfirmed.
Utah’s finances: falling debt, substantial reserves and pressure beneath the totals
Utah has built financial cushions and paid down bonds. A review of its state accounts also finds slower growth in budget balances, a sharp preliminary drop in corporate taxes and financial controls that auditors said needed repair.