General Information

Government Type

Municipality

Entity

Orem

Public Body

City Council

Notice Information

Add Notice to Calendar

Notice Title

January 8, 2019 - Bond

Notice Tags

Bonds

Notice Type(s)

Notice, Bond

Event Start Date & Time

January 12, 2019 08:00 AM

Description/Agenda

NOTICE OF 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, that on January 8, 2019, the City Council of the City of Orem, Utah (the 'Issuer') adopted a resolution (the 'Resolution') in which it authorized the issuance of its General Obligation Bonds, Series 2019 (the 'Bonds'). PURPOSE FOR ISSUING THE BONDS Pursuant to the Resolution, the Bonds are to be issued for the purpose of (a) paying all or a portion of the costs (i) acquiring, constructing, furnishing, and equipping renovations, additions and improvements to the Issuer's family fitness center, including family friendly changing rooms, family oriented facilities, a suspended track and all ancillary and related improvements, and (ii) acquiring, constructing, furnishing and equipping a community library hall at the City Center Campus, including all ancillary and related improvements (the 'Series 2019 Project') and (b) paying expenses reasonably incurred in connection with the authorization and issuance of the Bonds; PARAMETERS OF THE BONDS The Issuer intends to issue the Bonds in the aggregate principal amount of not to exceed Twenty-Four Million Five Hundred Thousand Dollars ($24,500,000), to mature in not more than thirty (30) years, to be sold at a price not less than ninety-seven percent (97%) of the total principal amount thereof and bearing interest at a rate or rates not to exceed five and one-half percent (5.5%) per annum. The Bonds are to be issued and sold by the Issuer pursuant to the Resolution, with such final terms and provisions as may be deemed appropriate by authorized officers of the Issuer, provided that said final terms shall not exceed the maximums set forth above. SECURITY PLEDGED FOR THE BONDS The Bonds are general obligations of the Issuer secured by the full faith and credit and taxing power of the Issuer. OUTSTANDING BONDS Other than the proposed Bonds, the Issuer has $6,060,000 of general obligation bonds currently outstanding. OTHER OUTSTANDING BONDS OF THE ISSUER Additional information regarding the Issuer's outstanding bonds or obligations may be found in the Issuer's financial report (the 'Financial Report') at: http://auditor.utah.gov/accountability/financial-reports-of-local-governments/. For additional information, including any information more recent than as of the date of the Financial Report, please contact, Brenn Bybee, Assistant City Manager at (801) 229-7298. TOTAL ESTIMATED COST Based on the Issuer's current plan of finance and a current estimate of interest rates, the total principal and interest cost of the Bonds if held until maturity is $44,751,481. A copy of the Resolution is on file in the office of the City Recorder at the Issuer's offices located at 56 North State Street, Orem, Utah, where they may be examined during regular business hours from 7:30 a.m. to 5:30 p.m. Monday through Thursday and 8:00 a.m. to 5:00 p.m. on 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 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. DATED this January 8, 2019. /s/ JoD'Ann Bates City Recorder

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 and Study Sessions, please call the City Recorder's Office (801-229-7074) at least 3 working days prior to the meeting.

Notice of Electronic or Telephone Participation

This meeting may be held electronically to allow a Councilmember to participate.

Meeting Information

Meeting Location

56 North State Street
Orem, 84057
Show in Apple Maps Show in Google Maps

Notice Posting Details

Notice Posted On

January 09, 2019 10:59 AM

Notice Last Edited On

January 23, 2019 10:22 AM

Subscribe by Email

Subscription options will send you alerts regarding future notices posted by this Body.