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 (the 'Act'), that on September 21, 2026, the City Council (the 'Council') of Lindon City, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') authorizing the issuance of the Issuer's Water Revenue Bonds, Series 2026 (the '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 Bonds, and (b) any potential impact that Project (defined below) to be financed with the proceeds of the Bonds may have on the private sector.
PURPOSE, TIME, PLACE AND LOCATION OF PUBLIC HEARING
The Issuer shall hold a public hearing on October 5, 2026, at the hour of 5:15 p.m. at Lindon City Hall, 100 North State Street, Lindon, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the 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 improvements to the Issuer's water system including, well and pipe connections, the replacement of water pipelines, and all related improvements (collectively, the 'Project'), (b) funding any required deposit to a debt service reserve fund, if necessary, and (c) paying costs of issuance with respect to the Bonds.
PARAMETERS OF THE BONDS
The Issuer intends to issue the Bonds in the aggregate principal amount of not more than ($7,400,000), to mature in not more than twenty five (25) years from their date or dates, to be sold at a price of not less than ninety-eight percent (98%) of the total principal amount thereof, and to bear interest at a rate or rates not to exceed five and one-half percent (5.5%) per annum. The Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution a General Indenture of Trust and a Supplemental Indenture of Trust (collectively, the 'Indenture'), which were before the Council in substantially final form at the time of the adoption of the Resolution. The 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 not to 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 (the 'Net Revenues') of the water system (the 'System').
OUTSTANDING BONDS SECURED BY REVENUES
The Issuer currently has $0 of bonds outstanding secured by the Net Revenues of the System.
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, Adam Cowie, City Administrator at 801-785-5043.
TOTAL ESTIMATED COST OF BONDS
Based on an estimate of the current interest rate and financing plan, the estimated total debt service cost of the Bonds, if held until maturity is $11,060,175.
A copy of the Resolution and the Indenture are on file at 100 North State Street, Lindon City Utah, where they may be examined during regular business hours 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 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 (but only as it relates to the Bonds), 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.
Notice of Special Accommodations (ADA)
The City of Lindon, in compliance with the Americans with disabilities Act, provides accommodations and auxiliary communicative aids and services for all those citizens in need of assistance. Persons requesting these accommodations for City-sponsored public meetings, services programs or events should call Britni Laidler at 801-785-5043, giving at least 24 hours notice.
Notice of Electronic or Telephone Participation
All or a portion of this meeting may be held electronically to allow a council member to participate by video conference or teleconference.