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Body: City Council
Notice Title: NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED
Notice Type: Notice, Meeting, Hearing
Event Start Date & Time: June 19, 2019 06:00 PM
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, that on May 15, 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 Sewer Revenue Bonds, Series 2019 (the 'Series 2019 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 the issuance of the Series 2019 Bonds. PURPOSE, TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on June 19, 2019, at the hour of 6:00 p.m. at 439 West Utah Avenue, Payson, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Series 2019 Bonds and (b) any potential economic impact that the project to be financed with the proceeds of the Series 2019 Bonds may have on the private sector. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING THE SERIES 2019 BONDS The Series 2019 Bonds will be issued for the purpose of (a) financing capital improvements to the Issuer's sewer system (the 'System') and other related improvements (collectively, the 'Project'), (b) funding any required debt service reserve fund, and (c) paying costs of issuance of the Series 2019 Bonds. REVENUES TO BE PLEDGED The Series 2019 Bonds are special limited obligations of the Issuer payable from the net revenues of the System. PARAMETERS OF THE SERIES 2019 BONDS The Issuer intends to issue the Series 2019 Bonds in the aggregate principal amount of not more than Two Million Eight Hundred Thousand Dollars ($2,800,000), to mature in not more than ten (10) 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 four percent (4.0%) per annum. The Series 2019 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 dated as of July 1, 2006, as heretofore amended and supplemented (the 'General Indenture') and a Supplemental Indenture of Trust (the 'Supplemental Indenture' and collectively with the General Indenture, the 'Indenture') which Supplemental Indenture was before the Council and in substantially final form at the time of the adoption of the Resolution and said Supplemented Indenture is to be executed by the Council in such form and with such changes thereto as shall be approved by the Mayor or Mayor pro tem; provided that the principal amount, interest rate or rates, maturity, and discount of the Series 2019 Bonds will not exceed the maximums set forth above. OUTSTANDING BONDS SECURED BY REVENUES Other than the proposed Series 2019 Bonds, the Issuer currently has $1,512,000 principal amount of bonds outstanding secured by the net revenues of the System. OTHER OUTSTANDING BONDS OF THE ISSUER Information regarding all of the Issuer's outstanding bonds may be found in the Issuer's audited financial report (the 'Financial Report') at: https://reporting.auditor.utah.gov/searchreport. For additional 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 Based on an estimate of the current interest rate and financing plan, the estimated total debt service cost of the Series 2019 Bonds, if held until maturity is $2,931,965. A copy of the Resolution and the Indenture are on file in the office of the Payson City Recorder, 439 West Utah Avenue, Payson, 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 (only as it relates to the Series 2019 Bonds), or the Series 2019 Bonds, or any provision made for the security and payment of the Series 2019 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 May 15, 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: May 16, 2019 03:37 PM
This notice was last edited on: May 16, 2019 03:37 PM