General Information

Government Type

Municipality

Entity

Clearfield

Public Body

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

June 29, 2015 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 (the 'Act'), that on June 23, 2015, the City Council (the 'Council') of Clearfield 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 Nine Million Nine Hundred Fifty Thousand Dollars ($9,950,000), to mature in not more than fourteen (14) years from their date or dates, to be sold at a price not less than ninety-eight percent (98%) of the total principal amount thereof, and bearing interest at a rate or rates not to exceed seven percent (7.00%) per annum, or at a variable rate or rates of not to exceed twelve percent (12.0%) over the life of the Series 2015 Bonds. 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 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 Bonds. A copy of the Resolution and the Indenture are on file in the office of the Clearfield City Recorder, 55 South State Street, Clearfield, 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 June 23, 2015. /s/Nancy Dean City Recorder

Notice of Special Accommodations (ADA)

The City of Clearfield, in accordance with the 'Americans with Disabilities Act' provides accommodations and auxiliary communicative aids and services for all those citizens needing assistance. Persons requesting these accommodations for City sponsored public meetings, service programs or events should call Nancy Dean at 525-2714, giving her 48-hour notice.

Notice of Electronic or Telephone Participation

NA

Meeting Information

Meeting Location

55 South State Street
Clearfield, 84015
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Contact Name

Nancy Dean

Contact Email

nancy.dean@clearfieldcity.org

Contact Phone

(801) 525-2700

Notice Posting Details

Notice Posted On

June 29, 2015 10:55 AM

Notice Last Edited On

June 29, 2015 10:55 AM

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