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TOOELE CITY NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED

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General Information

Government Type
Municipality
Entity
Tooele
Public Body
City Council

Notice Information

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Notice Title
TOOELE CITY NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED
Notice Subject(s)
Bonds
Notice Type(s)
Notice, Meeting, Hearing
Event Start Date & Time
October 7, 2015 07:00 PM
Event End Date & Time
October 7, 2015 08:30 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 September 2, 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 Taxable Franchise Tax Revenue Bonds, Series 2015 (the 'Series 2015 Bonds') in the maximum principal amount of $5,500,000 (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 October 7, 2015, at the hour of 7:00 p.m. at 90 North Main, Tooele 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 90 North Main, Tooele City, Utah, until 5:00 p.m. on or before October 7, 2015. PURPOSE FOR ISSUING THE SERIES 2015 BONDS The Series 2015 Bonds will be issued for the purpose of (a) financing the acquisition of approximately 31 acres of land and related improvements located at approximately 1000 North Main Street (the 'Project'), and (b) paying costs of issuance of the Series 2015 Bonds. The Project is being acquired to protect and preserve current master planning and zoning uses of the Project for the general welfare and public benefit of the Issuer, and to enable the Issuer to coordinate and facilitate public infrastructure easements and connections for the Project and surrounding area. It is likely the Issuer will eventually sell the Project to a buyer (currently unknown) willing to use the Project for its current master planning and zoning uses. TAXES PROPOSED TO BE PLEDGED The Issuer proposes to pledge 100% of the revenues produced by the telecommunications franchise tax revenues received by the Issuer pursuant to Title 10, Chapter 1, Part 4, Utah Code Annotated 1953, as amended and (ii) the 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 (the 'Revenues'). PARAMETERS OF THE SERIES 2015 BONDS The Issuer intends to issue bonds in the aggregate principal amount of not more than Five Million Five Hundred Thousand Dollars ($5,500,000), to bear interest at the rate or rates of not to exceed five percent (5.00%) per annum, to mature in not more than twenty-one years (21) years from their date or dates, and to be sold at a price not less than ninety-seven percent (97%) 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 $8,868,000 of Franchise 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/audit_reports/financial-reports-of-local-governments/. For additional information, including any information more recent than as of the date of the Financial Report, please contact Glenn Caldwell, 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 $7,482,138.67. A copy of the Resolution and the Indenture are on file in the office of the City Recorder, 90 North Main, Tooele 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 September 2, 2015. /s/Michelle Pitt City Recorder
Notice of Special Accommodations (ADA)
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Notice of Electronic or Telephone Participation
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Meeting Information

Meeting Location
90 N 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
September 03, 2015 03:28 PM
Notice Last Edited On
September 03, 2015 03:28 PM

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