General Information

Government Type

Municipality

Entity

Tooele

Public Body

City Council

Notice Information

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Notice Title

TOOELE CITY NOTICE OF SALES TAX BONDS TO BE ISSUED

Notice Subject(s)

Sales and Use Tax

Notice Type(s)

Notice, Meeting, Hearing

Event Start Date & Time

August 5, 2015 07:00 PM

Event End Date & Time

August 5, 2015 09:00 PM

Description/Agenda

NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED NOTICE IS HEREBY GIVEN pursuant to the provisions of the Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended and the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended (collectively, the 'Act'), that on July 15, 2015, the City Council (the 'Council') of Tooele 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) and called a public hearing to receive input from the public with respect to (a) the issuance of the Series 2015 Bonds and (b) any potential economic impact that the refunding of the Refunded Bonds issued to refinance the construction of the City Hall, City Library, City Animal Shelter and City Golf Course Club House (the 'Refinanced Project') described herein to be financed with the proceeds of the Series 2015 Bonds may have on the private sector. TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on August 5, 2015, at the hour of 7:00 p.m. at 90 North Main, Tooele, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Series 2015 Bonds and (b) any potential economic impact that the refunding of the Refunded Bonds to be financed with the proceeds of the Series 2015 Bonds and the Refinanced Project may have on the private sector. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING THE SERIES 2015 BONDS The Series 2015 Bonds will be issued for the purpose of (a) refunding all of the Municipal Building Authority of Tooele City Lease Revenue Refunding 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 Five Million Three Hundred Fifteen Thousand Dollars ($5,315,000), to mature in not more than eleven (11) years from their date or dates, to be sold at a price not less than ninety-seven percent (97%) of the total principal amount thereof, and to bear interest at a rate or rates of not to exceed four percent (4.0%) per annum. The Series 2015 Bonds are to be issued and sold by the Issuer pursuant to the Resolution, a General Indenture of Trust and a Supplemental Indenture of Trust (collectively, the 'Indenture') which were before the Council, and said General Indenture of Trust and Supplemental Indenture of Trust are to be approved by a final resolution to be adopted by the Council in such forms and with such changes thereto as shall be approved by the Council upon the adoption; 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. SALES 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. OUTSTANDING BONDS SECURED BY SALES TAX REVENUES The Issuer has $9,454,000 of Bonds currently outstanding that are secured by the Sales Tax Revenues. OTHER OUTSTANDING BONDS OF THE ISSUER Additional information regarding the Issuer's outstanding bonds may be found in the Issuer's financial report (the 'Financial Report') at: http://auditor.utah.gov/accountability/financial-reports-of-local-governments. For additional information, including any information more recent than as of the date of the Financial Report, please contact the City Finance Director at (435) 843-2100. TOTAL ESTIMATED COST Based on the Issuer's current plan of finance and a current estimate of interest rates, the total principal and interest cost of the Series 2015 Bonds if held until maturity is $5,294,168.07. A copy of the Resolution and the Indenture are on file in the office of Tooele City Recorder, 90 North Main, Tooele, 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 (i) 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 and (ii) registered voters within Tooele City, Utah may sign a written petition requesting an election to authorize the issuance of the Series 2015 Bonds. If written petitions which have been signed by at least 20% of the registered voters of Tooele City, Utah are filed with the Issuer during said 30-day period, the Issuer shall be required to hold an election to obtain voter authorization prior to the issuance of the Series 2015 Bonds. If fewer than 20% of the registered voters of Tooele City, Utah file a written petition during said 30-day period, the Issuer may proceed to issue the Series 2015 Bonds without an election DATED this July 15, 2015. /s/Michelle Pitt City Recorder

Notice of Special Accommodations (ADA)

NA

Notice of Electronic or Telephone Participation

NA

Meeting Information

Meeting Location

90 North Main Street
Tooele, 84074
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Contact Name

Michelle Pitt

Contact Email

michellep@tooelecity.org

Contact Phone

(435)843-2113

Notice Posting Details

Notice Posted On

July 16, 2015 04:19 PM

Notice Last Edited On

July 16, 2015 04:19 PM

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