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Entity: Pleasant Grove
Body: City Council
Notice Title: Notice of Public Hearing and Bonds to be issued
Notice Type: Notice
Event Start Date & Time: April 2, 2013 6:01 PM
NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED NOTICE IS HEREBY GIVEN pursuant to the provisions of the Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended, that on March 5, 2013, the City Council (the “Council”) of Pleasant Grove City, Utah (the “Issuer”), adopted a resolution (the “Resolution”) in which it authorized the issuance of the Issuer’s Storm Water Revenue Bonds, Series 2013 (the “Series 2013 Bonds”) (to be issued in one or more series and with such other series or title designation(s) as may be determined by the Issuer) and called a public hearing to receive input from the public with respect to (a) the issuance of the Series 2013 Bonds and (b) any potential economic impact that the Project described herein to be financed with the proceeds of the Series 2013 Bonds may have on the private sector. TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on April 2, 2013, at the hour of 6:00 p.m. at 86 East 100 South, Pleasant Grove City, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Series 2013 Bonds and (b) any potential economic impact that the Project to be financed with the proceeds of the Series 2013 Bonds may have on the private sector. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING THE SERIES 2013 BONDS The Series 2013 Bonds will be issued for the purpose of (a) finance improvements to the Issuer’s existing storm water system, including but not limited to the acquisition of land and related improvements (collectively, the “Project”), (b) funding any required debt service reserve fund, and (c) paying costs of issuance of the Series 2013 Bonds. PARAMETERS OF THE SERIES 2013 BONDS The Issuer intends to issue its Storm Water Revenue Bonds, Series 2013 in the aggregate principal amount of not more than Six Million Two Hundred Thousand Dollars ($6,200,000), to mature in not more than twenty-six (26) years from their date or dates, to be sold at a price not less than ninety-seven percent (97%) of the total principal amount thereof, and bearing interest at a rate or rates not to exceed five and one-half percent (5.5%) per annum. The Series 2013 Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a General Indenture of Trust dated as of June 1, 2011, as heretofore amended and supplemented (the “General Indenture”) and a Supplemental Indenture of Trust (the “Supplemental Indenture” and collectively with the General Indenture, the “Indenture”) which Supplemental Indenture was before the Council and attached to the Resolution in substantially final form at the time of the adoption of the Resolution and said Supplemented Indenture is to be executed by the Council in such form and with such changes thereto as shall be approved by the Mayor or Mayor pro tem; provided that the principal amount, interest rate or rates, maturity, and discount of the Series 2013 Bonds will not exceed the maximums set forth above. A copy of the Resolution and the Indenture are on file in the office of the Pleasant Grove City Recorder, 70 South 100 East, Pleasant Grove City, Utah, where they may be examined during regular business hours of the City Recorder from 8:00 a.m. to 5:00 p.m. for a period of at least thirty (30) days from and after the date of publication of this notice. NOTICE IS FURTHER GIVEN that a period of thirty (30) days from and after the date of the publication of this notice is provided by law during which any person in interest shall have the right to contest the legality of the Resolution, the Indenture (only as it relates to the Series 2013 Bonds), or the Series 2013 Bonds, or any provision made for the security and payment of the Series 2013 Bonds, and that after such time, no one shall have any cause of action to contest the regularity, formality, or legality thereof for any cause whatsoever. CERTIFICATE OF POSTING: I certify that the above notice and agenda was posted in three public places within the Pleasant Grove City limits. Agenda also posted on State (http://pmn.utah.gov) and City websites (www.plgrove.org). ___________________________________ Posted by: Kathy T. Kresser, City Recorder Date: March 9, 2013 Time: 1:00 p.m. Public Hearing Noticed published in the Daily Herald March 9 and 16, 2013 *NOTE: If you are planning to attend this public meeting and, due to disability need assistance in understanding or participating in the meeting, please notify the City Recorder, 801-785-5045, forty-eight hours in advance of the meeting and we will try to provide whatever assistance may be required.
Notice of Special Accommodations:
NOTE: If you are planning to attend this public meeting and, due to a disability, need assistance in understanding or participating in the meeting, please notify the City Recorder, 801-785-5045, forty-eight in advance of the meeting and we will try to provide whatever assistance may be required.
Notice of Electronic or telephone participation:
This notice was posted on: March 08, 2013 11:53 AM
This notice was last edited on: March 08, 2013 11:53 AM