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Body: City Council
Notice Title: Midvale City Public Hearing Notice
Notice Type: Hearing
Event Start Date & Time: May 21, 2013 7:00 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 April 16, 2013, the City Council (the “Council”) of Midvale City, Utah (the “Issuer”), adopted a resolution (the “Resolution”) in which it authorized the issuance of the Issuer’s Water, Sewer and Storm Water Revenue Bonds, Series 2013 (the “Series 2013 Bonds”) (in one or more series from time to time and with such other series or title designation 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 May 21, 2013, at the hour of 6:30 p.m. at 655 West Center Street, Midvale, 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 storm water improvements, construction of a public building for the System, and related 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, Sewer and Storm Water Revenue Bonds, Series 2013 in the aggregate principal amount of not more than Three Million Dollars ($3,000,000), 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 percent (5.0%) 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 and City Recorder or any deputy thereof; 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 $19,250,000 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 Laurie Harvey, City Finance Director (phone: 801-567-7200). 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 $3,353,319.12. A copy of the Resolution and the Indenture are on file in the office of the Midvale City Recorder, 655 West Center Street, Midvale, Utah, where they may be examined during regular business hours of the City Recorder from 8:00 a.m. to 6:00 p.m., Monday through 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 (but only as 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. DATED this April 16, 2013. /s/Rori Andreason City Recorder
Notice of Special Accommodations:
In accordance with the Americans with Disabilities Act, Midvale City will make reasonable accommodations for participation in the meeting. Request assistance by contacting the City Recorder at 801-567-7207, providing at least three working days advance notice of the meeting.
Notice of Electronic or telephone participation:
Council Members may participate in the meeting via electronic communication. Council Members’ participation via electronic communication will be broadcast and amplified so other Council Members and all other persons present in the Council Chambers will be able to hear or see the communication.
This notice was posted on: April 19, 2013 12:01 PM
This notice was last edited on: April 19, 2013 12:01 PM