General Information

Government Type

Municipality

Entity

Farmington

Public Body

Farmington City Council

Notice Information

Add Notice to Calendar

Notice Title

Public Hearing

Notice Subject(s)

Public Meetings

Notice Type(s)

Notice, Hearing

Event Start Date & Time

September 1, 2015 07:00 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, that on August 4, 2015, the City Council (the 'Council') of Farmington City, Utah (the 'Issuer'), intends to adopt a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Sales Tax Revenue Bonds, Series 2015 (the 'Series 2015 Bonds') in the maximum principal amount of $3,700,000 (to be issued in one or more series and with such other series or title designation(s) as may be determined by the Issuer). TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on September 1, 2015, at the hour of 7:00 p.m. at 160 South Main, Farmington City, 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 Project to be financed with the proceeds of the Series 2015 Bonds may have on the private sector. Interested individuals are invited to express their views, both orally and in writing, on the proposed issue of the Series 2015 Bonds and the location and nature of the Project. All members of the public are invited to attend and participate. Written comments may be submitted to the Issuer at the City Recorder's office located at 160 South Main, Farmington City, Utah, until 5:00 p.m. on or before September 1, 2015. PURPOSE FOR ISSUING THE SERIES 2015 BONDS The Series 2015 Bonds will be issued for the purpose of (a) financing construction of a gym facility, including but not limited to basketball courts and other such rooms, and a regional park complex with fields, bowries, restrooms and any related improvements (the 'Project'), and (b) paying costs of issuance of the Series 2015 Bonds. EXCISE TAXES PROPOSED TO BE PLEDGED The Issuer proposes to pledge 100% of the revenues produced by local sales and use taxes levied by the Issuer under the Local Sales and Use Tax Act, Title 59, Chapter 12, Part 2, Utah Code (the 'Revenues'). PARAMETERS OF THE SERIES 2015 BONDS The Issuer intends to issue bonds in the aggregate principal amount of not more than Three Million Seven Hundred Thousand Dollars ($3,700,000), to bear interest at the rate or rates of not to exceed five percent (5.00%) per annum, to mature in not more than fifteen years (15) years from their date or dates, and to be sold at a price not less than ninety-eight percent (98%) of the total principal amount thereof. The Series 2015 Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a Supplemental Indenture (the 'Indenture') which was before the Council and attached to the Resolution in substantially final form at the time of the adoption of the Resolution. Said Indenture is to be executed by the Issuer in such form and with such changes thereto as shall be approved by the Designated Officers; 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. OUTSTANDING BONDS SECURED BY TAX REVENUES The Issuer has $546,000 of Sales Tax Revenue Bonds currently outstanding that are secured by Revenues (as more fully described in the Indenture). 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/lgReports.html. For additional information, including any information more recent than as of the date of the Financial Report, please contact Keith Johnson, City Finance Director at (801) 451-2383. 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 $3,982,308. A copy of the Resolution and the Indenture are on file in the office of the City Recorder, 160 South Main, Farmington City, 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, 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 August 4, 2015. /s/Holly Gadd City Recorder

Notice of Special Accommodations (ADA)

In compliance with the Americans with Disabilities Act, individuals needing special accommodations (including auxiliary communicative aids and services) during this meeting, should notify Holly Gadd, City Recorder, 451-2383, at least 24 hours prior to the meeting.

Notice of Electronic or Telephone Participation

NA

Meeting Information

Meeting Location

160 S. Main
Farmington, 84025
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Contact Name

DeAnn Carlile

Contact Email

dcarlile@farmington.utah.gov

Contact Phone

(801)451-2383

Notice Posting Details

Notice Posted On

August 10, 2015 02:20 PM

Notice Last Edited On

August 10, 2015 02:20 PM

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