NOTICE OF BONDS TO BE ISSUED AND PUBLIC HEARING
NOTICE IS HEREBY GIVEN pursuant to the provisions of Sections 11-14-316 and 11-14-318, Utah Code Annotated 1953, as amended, that on February 25, 2015, the City Council (the ?Council?) of the City of West Jordan, Utah (the ?City?), adopted a resolution (the ?Resolution?) in which it authorized and approved the issuance of its sales tax revenue bonds in one or more series (collectively, the ?Bonds?), in an aggregate principal amount of not to exceed $7,250,000, to bear interest at a rate or rates of not to exceed 6.00% per annum and to mature not later than 15 years from their date or dates and to be sold at a discount from par not to exceed 2.00%. The Bonds shall be subject to such optional and mandatory redemption and other provisions as are contained in the General Indenture, dated as of December 1, 2013, as heretofore amended and supplemented (the ?General Indenture?), as between the City and U.S. Bank National Association, a trustee (the ?Trustee?), and the final form of the Bonds and the Supplemental Indenture, described below.
Pursuant to the Resolution, the Bonds are to be issued for the purpose of paying all or part of the costs of (a) replacing certain street lights with LED lights (the ?LED Lighting Project?) and acquiring and constructing certain improvements to City parks (the ?Park Project? and, together with the LED Lighting Project, the ?Project?), (b) funding any necessary reserves and contingencies in connection with the Bonds and (c) paying the costs incurred in connection with the issuance and sale of the Bonds. The Bonds are to be issued and sold by the City pursuant to the Resolution, including as part of the Resolution a draft, in substantially final form, of a Second Supplemental Indenture of Trust (the ?Supplemental Indenture?), between the City and the Trustee, and a Certificate of Determination, that were before the Council and attached to the Resolution at the time of the adoption of the Resolution. The Council will cause the Supplemental Indenture and the Certificate of Determination to be executed and delivered, in each case in such form and with such changes thereto as the Mayor or the Designated Officer (each as defined in the Resolution), as applicable, shall approve; provided that the principal amount, interest rate or rates, maturity and discount, if any, will not exceed the respective maximums described above.
The City proposes to pledge to the payment of the Bonds all of the legally available revenues from Local Sales and Use Tax received by the City pursuant to Title 59, Chapter 12, Part 2, Utah Code Annotated 1953, as amended (the ?Pledged Taxes?).
The City currently has $3,025,000 par amount of bonds or notes currently outstanding that are secured by the Pledged Taxes. More detailed information relating to the City?s outstanding bonds can be found in the City?s most recent Comprehensive Annual Financial Report that is available on the Office of the Utah State Auditor?s website (www.auditor.utah.gov).
Assuming a final maturity for the Bonds of approximately 15 years from the date hereof and that the Bonds are issued in an aggregate principal amount of $7,250,000 and are held until maturity, based on the City?s currently expected financing structure and interest rates in effect around the time of publication of this notice, the estimated total cost to the City of the proposed Bonds is $9,320,384.
A copy of the Resolution (including the drafts of the Supplemental Indenture and the Certificate of Determination attached to the Resolution) is on file in the office of the City Recorder at 8000 South Redwood Road, in West Jordan, Utah, where the Resolution may be examined during regular business hours of the City Recorder from 8:00 a.m. to 5:00 p.m. The Resolution shall be so available for inspection for a period of at least 30 days from and after the date of the publication of this notice.
NOTICE IS FURTHER GIVEN that pursuant to law for a period of 30 days from and after the date of the publication of this notice, any person in interest shall have the right to contest the legality of the Resolution (including the Supplemental Indenture and Certificate of Determination attached thereto) of the City or the Bonds authorized thereby or any provisions made for the security and payment of the Bonds. After such time, no one shall have any cause of action to contest the regularity, formality or legality of the Resolution, the Bonds or the provisions for their security or payment for any cause.
The City will hold a public hearing during its regular Council meeting which begins at 6:00 p.m. on March 25, 2015. The public hearing will be held at the regular meeting place of the Council at Council Chambers 3rd Floor, 8000 South Redwood Road, West Jordan, Utah. The purpose of the hearing is to receive input from the public with respect to the issuance of the Bonds and the potential economic impact that the Project will have on the private sector. All members of the public are invited to attend and participate in the public hearing. Written comments may be submitted to the City, to the attention of the City Recorder, prior to the public hearing.
NOTICE IS FURTHER GIVEN that pursuant to Section 11-14-307(7), Utah Code, if within 30 calendar days of the final publication of this notice, a written petition requesting an election and signed by at least 20% of the registered voters of the City is filed with the City, then the City shall submit the question of whether or not to issue the Bonds to the voters of the City for their approval or rejection.
If no written petition is filed or if fewer than 20% of the registered voters of the City file a written petition, in either case, within 30 calendar days of the final publication of this notice, the City may proceed to issue the Bonds without an election.
DATED February 25, 2015.
CITY OF WEST JORDAN, UTAH
By /s/ Melanie S. Briggs
City Clerk
Notice of Special Accommodations (ADA)
"In accordance with the Americans with Disabilities Act, the City of West Jordan will make reasonable accommodations for participation in the meeting. Request for assistance can be made by contacting the City Clerk at 801-569-5115, providing at least three working days advance notice of the meeting. TTY 711"
Notice of Electronic or Telephone Participation
Electronic or Telephonic Participation may be used if needed from time to time. Public notice will be provided pursuant to UCA 52-4-207