General Information

Government Type

Municipality

Entity

Garland

Public Body

City Council

Notice Information

Add Notice to Calendar

Notice Title

Notice of Public Hearing and Bonds to be Issued

Notice Tags

Bonds

Notice Type(s)

Notice, Meeting, Hearing, Bond

Event Start Date & Time

September 9, 2015 07:00 PM

Event End Date & Time

September 9, 2015 09:00 PM

Description/Agenda

NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED NOTICE IS HEREBY GIVEN pursuant to the provisions of the Utah Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended, that on August 19, 2015, the City Council (the 'Council') of Garland City, Utah (the 'Issuer') adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Sewer Revenue Bonds (the 'Bonds') in the aggregate principal amount of not to exceed $5,100,000, to bear interest at the rate or rates of not to exceed three percent (3.0%) per annum, to mature in not more than forty (40) years from their date or dates, and to be sold at a price not less than 99% of the total principal amount thereof. The estimated total cost to the Issuer for the proposed Bonds, if the Bonds are held until the maximum maturity, based on the maximum interest rate above, is approximately $8,825,525. However, the Issuer anticipates that the Bonds will not be issued in an amount in excess of $4,672,000 bearing interest at a rate of two and three-quarters percent (2.75%) per annum, to be repaid over 40 years, in which event the amount to be repaid will be approximately $7,761,410. Presently, the Issuer has no outstanding bonds secured by a pledge of sewer revenues. The United States Department of Agriculture, Rural Utilities Service has authorized a grant to the Issuer in the amount of $4,010,000. NOTICE IS FURTHER GIVEN that the Issuer called a public hearing for the purpose of inviting public comment on the proposed issuance of the Bonds and the economic impact that the improvements proposed to be financed with the Bonds will have on the private sector. The public hearing will be held on September 9, 2015, at 8:00 p.m. or as soon thereafter as feasible, at the Garland City Building at 72 North Main Street, Garland, Utah 84312. As sewer revenue bonds no taxes will be pledged to repay the Bonds. The Bonds will be issued pursuant to the Resolution and a Final Bond Resolution to be adopted authorizing and confirming the sale of the Bonds for the purposes of (i) financing the costs of constructing sewer system improvements and related improvements and (ii) paying the costs of issuance of the Bonds. A draft of the Final Bond Resolution in substantially final form was before the Council and was part of the Resolution (collectively, the 'Bond Resolutions') at the time of its adoption by the City Council. The Final Bond Resolution will be adopted by the Council in such form and with such changes thereto as shall be approved by the Council upon the adoption thereof; provided that the principal amount, interest rate, maturity and discount of the Bonds will not exceed the maximums set forth above. A copy of the Bond Resolutions and information on the Issuer's outstanding bonds are on file in the office of the City Recorder of the Issuer at the Issuer's offices in Garland, Utah, where they may be examined during regular business hours of the City Recorder from 9:00 a.m. to 5:00 p.m. Monday through Friday for a period of at least thirty (30) days from and after the first date of publication of this notice. NOTICE IS HEREBY GIVEN that a period of thirty (30) days from and after the first 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 Final Bond Resolutions, or the Bonds, or any provision made for the security and payment of the Bonds by filing a verified written complaint in the District court of the county in which he/she resides, and that after such time, other than referendum rights, no one shall have any cause of action to contest the regularity, formality or legality thereof for any cause whatsoever. DATED August 19, 2015. _______________ _______________ Sharlet Anderson, 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 Sharlet Anderson at 435-257-3118.

Notice of Electronic or Telephone Participation

NA

Meeting Information

Meeting Location

72 North Main St
Garland, 84312
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Contact Name

Whitney Eggleston

Contact Email

whitney@garlandutah.gov

Contact Phone

4352573118

Notice Posting Details

Notice Posted On

August 21, 2015 04:53 PM

Notice Last Edited On

August 24, 2015 10:27 AM

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