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Body: City Council
Notice Title: NOTICE OF BONDS TO BE ISSUED
Notice Type: Notice, Bond
Event Start Date & Time: March 6, 2019 06:00 PM
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 (the 'Act'), that on February 6, 2019, the City Council (the 'Council') of Payson City, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Water Revenue Bonds, Series 2019 (to be issued in one or more series and with such other series or title designation(s) as may be determined by the Issuer) (collectively, the 'Bonds'), and called a public hearing to receive input from the public with respect to (a) the issuance of that portion of the Bonds issued under the Act and (b) any potential economic impact that the Project described herein to be financed with the proceeds of the Bonds issued under the Act may have on the private sector. PURPOSE FOR ISSUING THE BONDS The Bonds will be issued for the purpose of (a) financing all or a portion of the costs of construction of improvements to its secondary irrigation water system (the 'System'), including, but not limited to well rehabilitation, installation of mainline piping, installation of water meters, and all related improvements (collectively, the 'Project') and (b) paying costs of issuance of the Bonds. PARAMETERS OF THE BONDS The Issuer intends to issue the Bonds in the aggregate principal amount of not more than Eight Million Nine Hundred Eighty-Five Thousand Dollars ($8,985,000), to mature in not more than twenty-three (23) 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 percent (1.00%) per annum. The Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a General Indenture of Trust and a Supplemental Indenture of Trust (together, 'Indenture') which was 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 Bonds will not exceed the maximums set forth above. The Issuer reserves the right to not issue the Bonds for any reason and at any time up to the issuance of the Bonds. REVENUES PROPOSED TO BE PLEDGED The 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 $8,075,000 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: https://reporting.auditor.utah.gov/searchreport. For additional information, including any information more recent than as of the date of the Financial Report, please contact Dave Tuckett, City Manager at 801-465-5200. 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 Bonds to be issued under the Act to finance the Project, if held until maturity, is $10,521,000. A copy of the Resolution and the Indenture are on file in the office of City Recorder, 439 West Utah Avenue, Payson City, Utah where they may be examined during regular business hours of the City Recorder from 7:30 a.m. to 6:00 p.m. Monday through Thursday, 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 Indenture 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 February 6, 2019. /s/Sara Hubbs City Recorder
Notice of Special Accommodations:
In accordance with the Americans with Disabilities Act, Payson City will make reasonable accommodations to participate in the meeting. Requests for assistance can be made by calling 465-5205 at least 48 hours in advance of the meeting to be attended.
Notice of Electronic or telephone participation:
Some Councilmembers may attend by Electronic Device.
This notice was posted on: February 20, 2019 02:58 PM
This notice was last edited on: February 20, 2019 02:58 PM