General Information

Government Type

Municipality

Entity

Saratoga Springs

Public Body

City of Saratoga Springs City Council

Notice Information

Add Notice to Calendar

Notice Title

Public Notice-City Council

Notice Subject(s)

Other

Notice Type(s)

Notice, Hearing

Event Start Date & Time

April 16, 2013 06:00 PM

Description/Agenda

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 19, 2013, the City Council (the ?Council?) of the City of Saratoga Springs, Utah (the ?Issuer?), adopted a resolution (the ?Resolution?) in which it authorized the issuance of the Issuer?s 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 16, 2013, at the hour of 7:00 p.m. at 1307 North Commerce Drive, Suite 200, Saratoga Springs, 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) financing the acquisition and construction of improvements to the System and related water improvements (collectively, the ?Project?) (b) funding a debt service reserve fund, if necessary, and (c) paying costs of issuance of the Series 2013 Bonds. PARAMETERS OF THE SERIES 2013 BONDS The Issuer intends to issue its Water Revenue Bonds, Series 2013 in the aggregate principal amount of not more than Six Million Five Hundred Thousand Dollars ($6,500,000), 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 (5.50%) 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 (the ?General Indenture?), and a Supplemental Indenture of Trust (the ?Supplemental Indenture? and together with the General Indenture, the ?Indenture?) which were before the Council and attached to the Resolution in substantially final form at the time of the adoption of the Resolution and said Supplemental 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, and City Recorder; 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. OUTSTANDING BONDS SECURED BY REVENUES Other than the proposed Series 2013 Bonds, the Issuer currently has $4,682,595 of bonds outstanding secured by the net revenues of the System (as more fully described in the Indenture) (the ?Revenues?) OTHER OUTSTANDING BONDS OF THE ISSUER Information regarding all of the Issuer?s outstanding bonds may be found in the Issuer?s audited financial report (the ?Financial Report?) at: http://auditor.utah.gov/lgReports.html. For additional information more recent than as of the date of the Financial Report please contact Spencer Kyle, the City Assistant Manager (phone: 801-766-9793). TOTAL ESTIMATED COST Based on an estimate of the current interest rate and financing plan, the estimated total debt service cost of the Series 2013 Bonds, if held until maturity is $8,941,255. A copy of the Resolution and the Indenture are on file in the office of the City of Saratoga Springs Recorder, 1307 North Commerce Drive, Suite 200, Saratoga Springs, Utah, where they may be examined during regular business hours of the City Recorder from 7:00 a.m. to 6:00 p.m., Monday through Thursday, and 8:00 a.m. to 5:00 p.m. on Friday 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, 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. DATED this March 19, 2013. /s/Lori Yates City Recorder

Notice of Special Accommodations (ADA)

In compliance with the Americans with Disabilities Act, indivduals needing special accommodations (inclluding auxiliary communicative aids and services) during this meeting should notify the City Recorder at 766-9793 at least one day prior to the meeting.

Notice of Electronic or Telephone Participation

N/A

Meeting Information

Meeting Location

1307 North Commerce Drive, Suite 200
Saratoga Springs, 84045
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Contact Name

Nicolette Fike

Contact Email

nfike@saratogasprings-ut.gov

Notice Posting Details

Notice Posted On

March 20, 2013 02:12 PM

Notice Last Edited On

March 26, 2013 08:40 AM

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