General Information

Government Type

Municipality

Entity

Herriman

Public Body

City Council

Notice Information

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Notice Title

Public Notice

Notice Subject(s)

Bonds

Notice Type(s)

Notice

Event Start Date & Time

July 14, 2016 12:00 AM

Event End Date & Time

August 10, 2016 09:00 PM

Description/Agenda

NOTICE OF INTENT TO ENTER INTO A PLEDGE AGREEMENT AND NOTICE OF PUBLIC HEARING NOTICE IS HEREBY GIVEN that on July 13, 2016, the City Council (the 'City Council') of Herriman City, Utah (the 'City') adopted a resolution (the 'Resolution') declaring its intent to enter into a Pledge and Loan Agreement (the 'Pledge Agreement') between the City and the Redevelopment Agency of Herriman City, Utah (the 'Agency') whereby the City may grant or contribute funds to the Agency to assist in the finance of certain outstanding obligations of the Agency, which finance is to be accomplished through the Agency's issuance of its Taxable/Convertible to Tax-Exempt Tax Increment Revenue Bonds, Series 2016 (with such additional or other designation(s) as the Agency may determine) (the 'Series 2016 Bonds') issued pursuant to the Limited Purpose Local Government Entities-Community Development and Renewal Agencies Act, Title 17C, Utah Code Annotated 1953, as amended (the 'Redevelopment Act'), the Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended (the 'Municipal Bond Act'), the Interlocal Cooperation Act (the 'Interlocal Cooperation Act') and other provisions of state law. Pursuant to a Pledge and Loan Agreement (the 'Pledge Agreement'), by and between the City and the Agency, the City intends to pledge certain impact fees and Class C Road funds to assist the Agency in connection with the issuance by the Agency of the Series 2016 Bonds and the City shall hold a public hearing to receive input from the public with respect to the use of the Pledged Revenues (as defined herein) in connection with the issuance of the Series 2016 Bonds. TIME, PLACE AND LOCATION OF PUBLIC HEARING The City shall hold a public hearing on August 10, 2016, at the hour of 7:00 p.m. The location of the public hearing is at the City's office at 13011 South Pioneer Road, Herriman City, Utah. The purpose of the hearing is to receive input from the public with respect to the City's pledge of the Pledged Revenues (as defined herein) in connection with the Agency's issuance of the Series 2016 Bonds. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING SERIES 2016 BONDS The Agency intends to issue the Series 2016 Bonds for the purpose of (i) financing road, drainage and park improvements and all related improvements within the Herriman Towne Center Project Area (collectively the 'Project'), (ii) funding a debt service reserve fund, if necessary, and (iii) paying issuance expenses to be incurred in connection with the issuance and sale of the Series 2016 Bonds. PARAMETERS OF THE SERIES 2016 BONDS The Agency intends to issue the Series 2016 Bonds in the principal amount of not to exceed Eleven Million Nine Hundred Thousand Dollars ($11,900,000), to mature in not more than seventeen (17) 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 to bear interest at a net effective rate of not to exceed five and one-half percent (5.50%) per annum, plus accrued interest to the date of delivery. PLEDGED REVENUES PROPOSED TO BE PLEDGED The City proposes to pledge all or a portion of the impact fees and Class C Road funds it receives from the Herriman Towne Center Project Area (collectively, the 'Pledged Revenues'), to the Agency for repayment of the Series 2016 Bonds pursuant the Pledge Agreement. The Series 2016 Bonds constitute special limited obligations of the Agency and are secured by a pledge of certain tax increment revenues and the Pledged Revenues received from the City. Pursuant to the Pledge Agreement expected to be entered into between the Agency and the City, the City will pledge the Pledged Revenues to the Agency to assist in repaying the Series 2016 Bonds to the extent that the tax increment revenues pledged therefore are not sufficient. Copies of the Pledge Agreement are on file in the office of the City Recorder, 13011 South Pioneer Street, Herriman, Utah, where they may be examined during regular business hours of the City Recorder from 7:30 a.m. to 5:30 p.m. for a period of at least thirty (30) days from and after the last date and of publication of this notice. NOTICE IS FURTHER GIVEN that a period of thirty (30) days from and after the last 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 Pledge Agreement, or any provision made thereunder for the security and payment of the Series 2016 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 Herriman City, Utah may sign a written petition requesting an election to authorize the issuance of the Series 2016 Bonds. If written petitions which have been signed by at least 20% of the registered voters of Herriman City, Utah, are filed with the City during said 30-day period, the City shall be required to hold an election to obtain voter authorization prior to entering into the Pledge Agreement. If fewer than 20% of the registered voters of Herriman City, Utah, file a written petition during said 30-day period, the City may proceed to enter into the Pledge Agreement without an election. DATED this July 13, 2016. By: /s/Jackie Nostrom City Recorder

Notice of Special Accommodations (ADA)

In accordance with the Americans with Disabilities Act, Herriman City will make reasonable accommodation for participation in the meeting. Request assistance by contacting Herriman City at (801) 446-5323, providing at least 48 hours advance notice of the meeting.

Notice of Electronic or Telephone Participation

Electronic or Telephonic Participation may be used if needed from time to time. Public notice will be provided pursuant to UCA 52-4-207

Meeting Information

Meeting Location

13011 South Pioneer Street
Herriman, 84096
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Contact Name

Jackie Nostrom

Contact Email

jnostrom@herriman.org

Contact Phone

(801)446-5323

Notice Posting Details

Notice Posted On

July 14, 2016 12:43 PM

Notice Last Edited On

July 14, 2016 12:43 PM

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