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Bountiful:
City Council

Entity: Bountiful

Public Body: City Council

Subject: Legislative Affairs

Notice Title: Public Hearing Notice

Notice Type: Hearing

Notice Date & Time: July 9, 2013 | 7:00 PM - 8:00 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 and the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended (collectively, the “Act”), that on June 11, 2013, the City Council (the “Council”) of the City of Bountiful, Utah (the “Issuer”), adopted a resolution (the “Resolution”) in which it authorized the issuance of the Issuer’s Sales Tax Revenue Refunding Bonds, Series 2013 (the “Series 2013 Bonds”) (to be issued in one or more series from time to time 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 refinanced 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 July 9, 2013, at the hour of 7:00 p.m. at 790 South 100 East, Bountiful, 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 refinanced 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) refunding all or a portion of the Municipal Building Authority of the City of Bountiful, Utah (the “Authority”) Lease Revenue Bonds, Series 2003 (the “Refunded Bonds”) by acquiring the Authority’s interest in a parking structure (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 Sales Tax Revenue Refunding, Series 2013, in the aggregate principal amount of not more than Seven Hundred Sixty-Six Thousand Dollars ($766,000), to mature in not more than three (3) years from their date or dates, to be sold at a price not less than ninety-eight percent (98%) of the total principal amount thereof, and bearing interest at a rate or rates not to exceed 1.28% per annum.  The Series 2013 Bonds are to be issued and sold by the Issuer pursuant to the Resolution, a General Indenture of Trust (the “General Indenture”), and a Supplemental Indenture of Trust (the “Supplemental Indenture” and collectively with the General Indenture, the “Indenture”) which 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 Indenture is to be executed by the Issuer in such form and with such changes thereto as shall be approved by the Issuer; 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.  
EXCISE TAXES PROPOSED TO BE PLEDGED
The Issuer proposes to pledge 100% of the Local Sales and Use Tax revenues received by the Issuer pursuant to Title 59, Chapter 12, Part 2, Utah Code Annotated 1953, as amended, to the payment of the Series 2013 Bonds.
OUTSTANDING BONDS SECURED BY EXCISE TAXES
Other than the proposed Series 2013 Bonds, the Issuer currently has $1,023,000 of bonds outstanding (the “Series 2013 Bonds”) secured by the pledged the Issuer’s Sales Tax revenues (as more fully described in the Indenture). 
OTHER OUTSTANDING BONDS OF THE ISSUER
Additional information regarding the Issuer’s outstanding bonds may be found in the Issuer’s financial report (the “Financial Report”) at:  http://auditor.utah.gov/lgReports.html.  For additional information, including any information more recent than as of the date of the Financial Report, please contact Kim Coleman, City Recorder at (801) 298-6140.

TOTAL ESTIMATED COST
Based on the Issuer’s current plan of finance and a current estimate of interest rates, the total principal and interest cost of the Series 2013 Bonds if held until maturity is $779,427.13, an amount less than the debt service on the Refunded Bonds.
A copy of the Resolution and the Indenture are on file in the office of the City of Bountiful City Recorder, 790 South 100 East, Bountiful Utah, where they may be examined during regular business hours of the City from 7:00 a.m. to 6:00 p.m., Monday through Thursday, 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 (i) any person in interest shall have the right to contest the legality of the Resolution, the Indenture (as it pertains 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 and (ii) registered voters within the City of Bountiful, Utah may sign a written petition requesting an election to authorize the issuance of the Series 2013 Bonds.  If written petitions which have been signed by at least 20% of the registered voters of the City of Bountiful, Utah are filed with the Issuer during said 30-day period, the Issuer shall be required to hold an election to obtain voter authorization prior to the issuance of the Series 2013 Bonds.  If fewer than 20% of the registered voters of the City of Bountiful, Utah file a written petition during said 30-day period, the Issuer may proceed to issue the Series 2013 Bonds without an election.
DATED this June 11, 2013. 
	/s/Kim Coleman	
City Recorder

Notice of Special Accommodations:

Persons who are disabled as defined by the Americans With Disabilities Act may request an accommodation by contacting the Bountiful City Manager at 298-6142. Notification at least 24 hours prior to the meeting would be appreciated.

Notice of Electronic or telephone participation:

NA

Other information:

This notice was posted on: June 12, 2013 10:55 AM
This notice was last edited on: June 12, 2013 10:55 AM

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