General Information

Government Type

Municipality

Entity

Salina

Public Body

City Council

Notice Information

Add Notice to Calendar

Notice Title

11/10/10

Notice Tags

Bonds

Notice Type(s)

Event Start Date & Time

November 10, 2010 06:30 PM

Description/Agenda

NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED PUBLIC NOTICE IS HEREBY GIVEN that on October 13, 2010, the Mayor and City Council of Salina City (the "Issuer"), adopted a resolution (the “Resolution”) declaring its intention to issue its Sales Tax Revenue Bonds (the “Bonds”) pursuant to the Utah 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 November 10, 2010, at the hour of 6:30 p.m. The location of the public hearing is in the Salina City Offices, 90 West Main Street, Salina, Utah. The purpose of the meeting is to receive input from the public with respect to the issuance of 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 a portion of the cost of constructing construct street improvements, including slurry seal, chip seal, asphalt overlay or complete reconstruction of street surfaces and the installation of culverts, drainage facilities and curbs and gutters, together with all related work and improvements (the “Project”); and (ii) paying costs of issuing the Bonds. PARAMETERS OF THE BONDS The Issuer intends to issue the Bonds in the principal amount of not to exceed $1,300,000, to bear interest at a rate not to exceed 3.0% per annum, to mature in not to more than 15 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. EXCISE TAXES PROPOSED TO BE PLEDGED The Issuer proposes to pledge all of the excise tax revenues received by the Issuer pursuant to Sections 59-12-103, et. seq., Utah Code Annotated 1953, as amended for the repayment of the Bonds. A copy of the Resolution is on file in the office of the City Recorder in Salina City, Utah, where it may be examined during regular business hours of the City Recorder from 8:00 a.m. to 4:00 p.m., Monday through Friday, for a period of at least 30 days from and after date of the last date of publication of this Notice. 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 (i) 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, and (ii) registered voters in Salina City, Utah, may sign a written petition requesting an election to authorize the issuance of the Bonds. If written petitions which have been signed by at least 20% of the registered voters of Salina City, Utah, are filed with the Issuer during said 30-day period, the Issuer shall be required to hold an election to obtain voter authorization prior to the issuance of the Bonds. If fewer than 20% of the registered voters of Salina City, Utah, file a written petition during said 30-day period, the Issuer may proceed to issue the Bonds without an election. DATED this 13th day of October, 2010. /s/ Sherri Westbrook City Recorder [Publish once each week for two consecutive weeks.]

Notice of Special Accommodations (ADA)

THE PUBLIC IS INVITED TO PARTICIPATE IN ALL CITY COUNCIL MEETINGS. If you need a special accommodation to participate in the City Council Meetings, please notify Sherri Westbrook, City Recorder, (435) 529-7304, at least 24 hours prior to the meeting.

Notice of Electronic or Telephone Participation

NA

Meeting Information

Meeting Location

90 W Main
Salina, 84654
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Contact Name

Ashlee Larsen

Contact Email

ashlee@salinacity.org

Notice Posting Details

Notice Posted On

October 26, 2010 07:34 AM

Notice Last Edited On

October 26, 2010 07:34 AM

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