General Information

Government Type

Municipality

Entity

Draper

Public Body

City Council (defunct)

Notice Information

Add Notice to Calendar

Notice Title

Notice of Bonds to be Issued

Notice Subject(s)

Bonds

Notice Type(s)

Notice

Event Start Date & Time

July 16, 2014 12:00 AM

Description/Agenda

NOTICE OF BONDS TO BE ISSUED NOTICE IS HEREBY GIVEN pursuant to the provisions of the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended, that on July 15, 2014, the City Council (the ?Council?) of the City of Draper, Utah (the ?Issuer?) adopted a resolution (the ?Resolution?) in which it authorized the issuance of the Issuer?s General Obligation Refunding Bonds, Series 2014 (to be issued from time to time in one or more series and with any such other designation(s) as the Issuer may determine) (the ?Bonds?). PURPOSE FOR ISSUING THE BONDS The Bonds, pursuant to the Resolution, are to be issued for the purpose of (i) refunding certain outstanding bonds of the Issuer in order to achieve a debt service savings and (ii) paying related expenses. The bonds to be refunded were initially issued to finance all or a portion of costs of acquiring land to preserve open space within the City and related improvements and related improvements. PARAMETERS OF THE BONDS The Issuer intends to issue the Bonds in the aggregate principal amount of not to exceed Five Million Dollars ($5,000,000), to mature in not more than eleven (11) 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, plus accrued interest to the date of delivery, bearing interest at a net effective rate or rates of not to exceed five percent (5.0%) per annum. No deposit is currently contemplated to be required in connection with the sale of the Bonds. The Bonds may be issued in one or more series, and be sold at such time and from time to time, all as the Issuer may determine. The Bonds are to be issued and sold by the Issuer pursuant to the Resolution, with such final terms and provisions as may be deemed appropriate by authorized officers of the Issuer, provided that said final terms shall not exceed the maximums set forth above. A copy of the Resolution is on file in the office of the City Recorder of the Issuer in the Issuer?s offices located at 1020 East Pioneer Road, Draper, Utah 84020, where it 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. SECURITY PLEDGED FOR THE BONDS The Bonds are general obligations of the Issuer secured by the full faith and credit and taxing power of the Issuer. 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 or the Bonds, or any provision made for the security and payment of the 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 July 15, 2014. /s/ Rachelle Conner City Recorder

Notice of Special Accommodations (ADA)

N/A

Notice of Electronic or Telephone Participation

N/A

Meeting Information

Meeting Location

1020 East Pioneer Road
Draper, 84020
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Contact Name

Rachelle Conner

Contact Email

rachelle.conner@draper.ut.us

Contact Phone

(801)576-6502

Notice Posting Details

Notice Posted On

July 16, 2014 11:15 AM

Notice Last Edited On

July 16, 2014 11:15 AM

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