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Notice of Bonds to be Issued

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General Information

Government Type
Municipality
Entity
Taylorsville
Public Body
Taylorsville City Council

Notice Information

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Notice Title
Notice of Bonds to be Issued
Notice Subject(s)
Bonds
Notice Type(s)
Notice
Event Start Date & Time
May 8, 2015 05:00 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 (the 'Act'), that on May 6, 2015, the City Council (the 'Council') of Taylorsville 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(s) 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 a portion certain outstanding sales tax revenue bonds of the Issuer, (b) funding any required debt service reserve fund, and (c) 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, Series 2015, in the aggregate principal amount of not more than Six Million Seven Hundred Fifty Thousand Dollars ($6,750,000), to mature in not more than fourteen (14) 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 a rate of three and one-half percent (3.50%) 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 and a Supplemental Indenture of Trust (collectively, 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 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. EXCISE TAXES PROPOSED TO BE PLEDGED The Issuer proposes to pledge 100% of the (i) Local Sales and Use Tax revenues received by the Issuer pursuant to Title 59, Chapter 12, Part 2, Utah Code Annotated 1953, as amended and (ii) Municipal Energy Sales and Use Tax revenues received by the Issuer pursuant to Title 10, Chapter 1, Part 3, Utah Code Annotated 1953, as amended, to the payment of the Bonds. A copy of the Resolution and the Indenture are on file in the office of the Taylorsville City Recorder, 2600 West Taylorsville Blvd., Taylorsville, Utah, where they may be examined during regular business hours of the City Recorder from 8:00 a.m. to 5:00 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 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 May 6, 2015. /s/Cheryl P. Cottle City Recorder
Notice of Special Accommodations (ADA)
N/A
Notice of Electronic or Telephone Participation
NA

Meeting Information

Meeting Location
2600 West Taylorsville Blvd.
Taylorsville, 84129
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Contact Name
Kris Heineman
Contact Email
kheineman@taylorsvilleut.gov

Notice Posting Details

Notice Posted On
May 08, 2015 04:40 PM
Notice Last Edited On
May 08, 2015 04:40 PM

Download Attachments

File Name Category Date Added
Taylorsville Sales Tax Revene Refunding Bonds 2015 - Notice for paper.pdf Public Information Handout 2015/05/08 04:38 PM


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