General Information

Government Type

Municipality

Entity

American Fork

Public Body

City Council

Notice Information

Add Notice to Calendar

Notice Title

American Fork Notice of Bonds to be Issued

Notice Subject(s)

Bonds

Notice Type(s)

Notice

Event Start Date & Time

December 10, 2014 03:15 PM

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 (collectively, the ?Act?), that on December 9, 2014, the City Council (the ?Council?) of American Fork City, Utah (the ?Issuer?), adopted a resolution (the ?Resolution?) in which it authorized the issuance of the Issuer?s Sales Tax Revenue Refunding Bonds, Series 2015 (the ?Series 2015 Bonds?) (to be issued in one or more series and with such other series or title designation as may be determined by the Issuer). PURPOSE FOR ISSUING THE SERIES 2015 BONDS The Series 2015 Bonds will be issued for the purpose of (a) refunding all or a portion of the Issuer?s outstanding Sales Tax Revenue Bonds, Series 2005 (the ?Refunded Bonds?) and (b) paying costs of issuance of the Series 2015 Bonds. PARAMETERS OF THE SERIES 2015 BONDS The Issuer intends to issue its Sales Tax Revenue Refunding Bonds, Series 2015, in the aggregate principal amount of not more than One Million Six Hundred Eighty-Four Thousand Dollars ($1,684,000), to mature in not more than five (5) 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 to bear interest at a net effective rate or rates of not to exceed 3.0% per annum. The Series 2015 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 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 Supplemental Indenture is to be executed by the Council in such form and with such changes thereto as shall be approved by the Mayor; provided that the principal amount, interest rate or rates, maturity, and discount of the Series 2015 Bonds will not exceed the maximums set forth above. No deposit is anticipated in connection with the sale of the Series 2015 Bonds. 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 2015 Bonds. A copy of the Resolution and the Supplemental Indenture are on file in the office of the American Fork City Recorder, 51 E. Main Street, American Fork City, 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, 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 2015 Bonds), or the Series 2015 Bonds, or any provision made for the security and payment of the Series 2015 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 December 9, 2014. /s/ Richard M. Colborn City Recorder

Notice of Special Accommodations (ADA)

NA

Notice of Electronic or Telephone Participation

NA

Meeting Information

Meeting Location

51 East Main Street
American Fork,
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Contact Name

Terilyn Lurker

Contact Email

tlurker@americanfork.gov

Contact Phone

(801)763-3000

Notice Posting Details

Notice Posted On

December 10, 2014 03:27 PM

Notice Last Edited On

December 10, 2014 03:27 PM

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