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 April 18, 2018, the City Council (the 'Council') of Grantsville City, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's 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 August 15, 2018, at the hour of 7:00 p.m. at 429 East Main Street, Grantsville, 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 improvements to the Issuer's sewer system (the 'System') including all or a portion of the costs of constructing a new wastewater treatment facility and all related improvements (collectively, the 'Project'), and (b) 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 Four Million Eighty-Hundred Eighty Thousand Dollars ($4,880,000), to mature in not more than thirty-three (33) years from their date or dates, to be sold at a price not less than ninety-eight percent (98%) of the total principal amount thereof, and bearing interest at a rate or rates not to exceed one and three-quarters percent (1.75%) 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 Master Resolution ('Master Resolution') which was before the Council in substantially final form at the time of the adoption of the Resolution and said Master Resolution 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 REVENUES
The Issuer currently has $0 of bonds outstanding secured by the Revenues.
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 Sheri Broadbent, City Finance Director (435) 884-3411.
TOTAL ESTIMATED COST OF BONDS
Based on the Issuer's current plan of finance 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 Project, if held until maturity, is $6,314,353.
A copy of the Resolution and the Bond Contract Documents are on file in the office of Grantsville City Recorder, 429 East Main, Grantsville, 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 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 any person in interest shall have the right to contest the legality of the Resolution, the Master Resolution 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.
DATED this April 18, 2018.
/s/ Christine Webb
City Recorder
Notice of Special Accommodations (ADA)
In compliance with the American with Disability Act, Grantsville City will accommodate reasonable requests to assist the disabled to participate in meetings. Requests for assistance may be made by calling City Hall at least 3 days in advance of the meeting that will be attended at (435) 884-3411.
Notice of Electronic or Telephone Participation
One or more Council Members may participate electronically. The anchor location will be City Hall at 429 E. Main St., Grantsville.