General Information

Government Type

Municipality

Entity

Gunnison

Public Body

City Council

Notice Information

Add Notice to Calendar

Notice Title

Gunnison City Council Public Hearing Notice

Notice Tags

Bonds, Water and Irrigation

Notice Type(s)

Notice, Hearing, Bond

Event Start Date & Time

October 16, 2013 07:00 PM

Event End Date & Time

October 16, 2013 07:30 PM

Description/Agenda

NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED PUBLIC NOTICE IS HEREBY GIVEN that on September 18, 2013, the Mayor and City Council of Gunnison City (the "Issuer"), adopted a resolution (the “Resolution”) declaring its intention to issue its Parity Water Revenue Bonds (the “Bonds”), pursuant to the Utah Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended and to call a public hearing to receive input from the public with respect to the issuance of the Bonds. TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on October 16, 2013, at the hour of 7:00 p.m. The location of the public hearing is in the City Office, 38 West Center, Gunnison, Utah. The purpose of the meeting is to receive input from the public with respect to the issuance of the Bonds and any potential economic impact to the private sector from the construction of the Project to be funded by the Bonds. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING BONDS The Issuer intends to issue the Bonds for the purpose of (i) financing all or a portion of the cost to construct culinary water system improvements, including drilling of a new well, construction of a storage tank and chlorination facilities and installation of water lines, fire hydrants, valves and meters, together with related improvements to the culinary water system; and (ii) paying costs of issuing the Bonds. OUTSTANDING BONDS SECURED BY THE SAME REVENUE The Issuer currently has outstanding bonds secured by the pledge of culinary water system revenues, namely: the 2006 Water Revenue Bond, sold to the Utah Board of Water Resources in the original principal amount of $483,000. ESTIMATED TOTAL COST OF THE BONDS The estimated total cost to the Issuer for the proposed Bonds is $8,296,000. The estimated cost of principal on the Bonds is $6,311,000 and estimated cost of interest is $2,796,000. PARAMETERS OF THE BONDS The Issuer intends to issue the Bonds in the principal amount of not to exceed $7,000,000 to bear interest at a rate not to exceed 4.0% per annum, to mature in not to more than 45 years from their date or dates, and to be sold at a price not less than 100% of the total principal amount thereof, plus accrued interest to the date of delivery. The Bonds will specify that any installment of principal on the Bonds which shall not be paid when due shall bear interest at the rate of 18% per annum from the due date thereof until paid. NOTICE IS FURTHER GIVEN that a period of 30 days from and after the last date of 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 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. A copy of the Resolution is on file in the office of the City Recorder in Gunnison, Utah, where it may be examined during regular business hours of the City Recorder from 8:00 a.m. to 3:00 p.m. Monday through Thursday. DATED this 18th day of September, 2013. /s/ Janell Braithwaite City Recorder

Notice of Special Accommodations (ADA)

NOTICE OF SPECIAL ACCOMMODATION DURING PUBLIC MEETINGS In compliance with the Americans with Disabilities Act, individuals needing special accommodations (including auxiliary communicative aids and services) during this meeting should notify the City Offices at (435)528-7969 giving 24 hours notice

Notice of Electronic or Telephone Participation

NA

Meeting Information

Meeting Location

38 West Center
Gunnison, 84634
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Contact Name

Angela Leatherwood

Contact Email

a.leatherwood@gunnisoncityut.gov

Contact Phone

(435)528-7969

Notice Posting Details

Notice Posted On

September 20, 2013 11:19 AM

Notice Last Edited On

September 20, 2013 11:19 AM

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