General Information

Government Type

Municipality

Entity

Syracuse

Public Body

City Council

Notice Information

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Notice Title

NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED

Notice Subject(s)

Bonds

Notice Type(s)

Notice, Meeting, Hearing, Bond

Event Start Date & Time

February 13, 2024 06:00 PM

Description/Agenda

NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED PUBLIC NOTICE IS HEREBY GIVEN pursuant to the provisions of the Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended, (the 'Act'), that on January 9, 2024, the City Council (the 'Council') of Syracuse City, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Secondary Water Irrigation Revenue Bonds, Series 2024 (to be issued in one or more series and with such other series or title designation(s) as may be determined by the Issuer) (collectively, the 'Bonds') and called a public hearing to receive input from the public with respect to (a) the issuance of the Bonds and (b) any potential economic impact that the Project described herein to be financed with the proceeds of the Bonds may have on the private sector. TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on February 13, 2024, at the hour of 6:00 p.m. at the City offices of Syracuse City, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the proposed Bonds, and (b) any potential economic impact that the Project to be financed with the proceeds of the Bonds may have on the private sector. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING THE BONDS The Bonds will be issued for the purpose of (a) financing all or a portion of the costs of construction of improvements to its secondary water irrigation system (the 'System') including the acquisition and installation of secondary water meters, and all related improvements (collectively, the 'Project') and (b) paying costs of issuance of the Bonds. PARAMETERS OF THE BONDS The Issuer intends to issue the Bonds in the aggregate principal amount of not more than Four Million Five Hundred Thousand Dollars ($4,500,000), to mature in not more than twenty (20) 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 two percent (2.00%) per annum. The Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a Second Supplemental Indenture of Trust (the 'Indenture') which was before the Council in substantially final form at the time of the adoption of the Resolution and said Indenture is to be executed by the Issuer in such form and with such changes thereto as shall be approved by the Issuer; provided that the principal amount, interest rate or rates, maturity, and discount of the Bonds will not exceed the maximums set forth above. The Issuer reserves the right to not issue the Bonds for any reason and at any time up to the issuance of the Bonds. REVENUES PROPOSED TO BE PLEDGED The Bonds are special limited obligations of the Issuer payable from the net revenues of the System. OUTSTANDING BONDS SECURED BY REVENUES The Issuer currently has $7,638,000 of bonds outstanding secured by the 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: https://reporting.auditor.utah.gov/searchreport/s/. For additional information, including any information more recent than as of the date of the Financial Report, please contact Brody Bovero, City Manager at (801) 825-1477. TOTAL ESTIMATED COST OF BONDS Based on the Issuer's current plan of finance and a current estimate of interest rates, the total principal and interest cost of the Bonds to be issued under the Act to finance the Project, if held until maturity, is $5,504,080. A copy of the Resolution and the form of Indenture are on file in the office of the City Recorder, located at 1979 West 1900 South, Syracuse, 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 posting of this notice. NOTICE IS FURTHER GIVEN that a period of thirty (30) days from and after the date of the posting 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 Bonds, or any provision made for the security and payment of the 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 January 9, 2024. /s/Cassie Brown City Recorder

Notice of Special Accommodations (ADA)

In compliance with the Americans Disabilities Act, persons needing auxiliary communicative aids and services for this meeting should contact the City Offices at 825-1477 at least 48 hours in advance of the meeting.

Notice of Electronic or Telephone Participation

N/A

Meeting Information

Meeting Location

1979 West 1900 South
Syracuse, UT 84075
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Contact Name

Sherrie Christensen

Contact Email

schristensen@syracuseut.com

Contact Phone

8016149632

Notice Posting Details

Notice Posted On

January 11, 2024 09:26 AM

Notice Last Edited On

January 11, 2024 09:26 AM

Audio File Address

Audio File Location

https://www.youtube.com/@syracusecity3570/streams

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