General Information

Government Type

Municipality

Entity

Murray

Public Body

Municipal Council

Notice Information

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Notice Title

Murray City Council Public Hearing - Bonding

Notice Tags

Bonds

Notice Type(s)

Hearing

Event Start Date & Time

July 17, 2018 06:30 PM

Event End Date & Time

July 17, 2018 07:30 PM

Description/Agenda

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 June 12, 2018, the Municipal Council (the 'Council') of Murray City, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Water and Sewer Revenue Bonds, Series 2018 (the 'Series 2018 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 that portion of the Series 2018 Bonds issued under the Act and (b) any potential economic impact that the Project described herein to be financed with the proceeds of the Series 2018 Bonds issued under the Act may have on the private sector. TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on July 17, 2018, at the hour of 6:30 p.m. at 5025 South State Street, Murray, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of that portion of the Series 2018 Bonds issued under the Act and (b) any potential economic impact that the Project to be financed with the proceeds of that portion of the Series 2018 Bonds issued under the Act may have on the private sector. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING THE SERIES 2018 BONDS The Series 2018 Bonds will be issued for the purpose of (a) financing all or a portion of the costs of financing all or a portion of the costs of improvements to the Issuer's water and sewer system and all related improvements (the 'Series 2018 Project'), (b) funding any debt service reserve funds, as necessary, and (c) paying costs of issuance of the Series 2018 Bonds. PARAMETERS OF THE SERIES 2018 BONDS The Issuer intends to issue the Series 2018 Bonds in the aggregate principal amount of not more than Eight Million Six Hundred Thousand Dollars ($8,600,000), to mature in not more than twenty-one (21) years from their date or dates, to be sold at a price not less than ninety-seven and one-half percent (97.5%) of the total principal amount thereof, and bearing interest at a rate or rates not to exceed five percent (5.0%) per annum. The Series 2018 Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a General and a Supplemental Indenture (together, the 'Indenture') which were 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 Series 2018 Bonds will not exceed the maximums set forth above. The Issuer reserves the right to not issue the Series 2018 Bonds for any reason and at any time up to the issuance of the Series 2018 Bonds. REVENUES PROPOSED TO BE PLEDGED The Series 2018 Bonds are special limited obligations of the Issuer payable from the net revenues of the System. OUTSTANDING BONDS SECURED BY THE REVENUES The Issuer currently has $5,466,000 of parity 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: http://secure.utah.gov/auditor-search/. For additional information, including any information more recent than as of the date of the Financial Report, please contact Danyce Steck, Finance Director, at (801) 264-2669. TOTAL ESTIMATED COST OF BONDS Based on the Issuer's current plan of finance for the Series 2018 Project and a current estimate of interest rates, the total principal and interest cost of the Series 2018 Bonds to be issued under the Act to finance the 2018 Project, if held until maturity, is $11,594,717. A copy of the Resolution and the Indenture are on file in the office of Murray City Recorder, 5025 South State Street, Murray, 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 publication 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 (i) any person in interest shall have the right to contest the legality of the Resolution, the Indenture (as it pertains to the Series 2018 Bonds), or the Series 2018 Bonds, or any provision made for the security and payment of the Series 2018 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 within Murray City, Utah may sign a written petition requesting an election to authorize the issuance of the Series 2018 Bonds. If written petitions which have been signed by at least 20% of the registered voters of Murray 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 Series 2018 Bonds. If fewer than 20% of the registered voters of Murray City, Utah file a written petition during said 30-day period, the Issuer may proceed to issue the Series 2018 Bonds without an election. DATED this June 12, 2018 /s/ Jennifer Kennedy City Recorder Section 10. The Issuer hereby reserves the right to opt not to issue the Series 2018 Bonds for any reason, including without limitation, consideration of the opinions expressed at the public hearing. Section 11. All resolutions or parts thereof in conflict herewith are, to the extent of such conflict, hereby repealed and this Resolution shall be in full force and effect immediately upon its approval and adoption. Section 12. The Issuer hereby declares its intention and reasonable expectation to use proceeds of tax-exempt bonds to reimburse itself for initial expenditures for costs of the Series 2018 Project. The Series 2018 Bonds are to be issued, and the reimbursements made, by the later of 18-months after the payment of the costs or after the Project is placed in service, but in any event, no later than three years after the date the original expenditure was paid. The maximum principal amount of the Series 2018 Bonds which will be issued to finance the reimbursed costs of the Project is not expected to exceed $8,600,000. APPROVED AND ADOPTED this June 12, 2018. (SEAL) By:_________________________________ Chair ATTEST: By: City Recorder EXHIBIT A FORM OF INDENTURE (See Transcript Document Nos. ___ and ___) EXHIBIT B FORM OF BOND PURCHASE AGREEMENT (See Transcript Document No. ___)

Notice of Special Accommodations (ADA)

Special accommodations for the hearing or visually impaired will be made upon a request to the Office of the Murray City Recorder, 801-264-2660. The City would appreciate notification two working days prior to the meeting. TDD number is 801-264-2508.

Notice of Electronic or Telephone Participation

Council members may participate in the meeting via telephonic communication. If a council member does participate via telephonic communication, the council member wil be on speaker phone. The speaker phone will be amplified so that the other council members and all other persons present in the council chambers will be able to hear all discussions.

Other Information

Posted 6.13.2018 JLopez

Meeting Information

Meeting Location

5025 South State Street
Murray City, 84107
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Contact Name

Jennifer Kennedy

Contact Email

jkennedy@murray.utah.gov

Contact Phone

(801)264-2622

Notice Posting Details

Notice Posted On

June 13, 2018 10:04 AM

Notice Last Edited On

June 13, 2018 10:04 AM

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