General Information

Government Type

Municipality

Entity

South Ogden

Public Body

City Council

Notice Information

Add Notice to Calendar

Notice Title

NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED

Notice Tags

Bonds

Notice Type(s)

Notice, Hearing

Event Start Date & Time

August 6, 2019 06:00 PM

Description/Agenda

NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED PUBLIC NOTICE IS HEREBY GIVEN that on July 16, 2019, the City Council (the 'Council') of South Ogden City, Weber County, Utah (the 'Issuer') adopted a resolution (the 'Resolution') declaring its intention to issue Sales and Excise Tax Revenue and Refunding Bonds (the 'Bonds') pursuant to the Utah Local Government Bonding Act, Title 11, Chapter 14, and Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended, and to call a public hearing regarding the issuance of the Bonds. TIME, PLACE, LOCATION AND PURPOSE OF PUBLIC HEARING The Issuer shall hold a public hearing on August 6, 2019, at the hour of 6:00 p.m. or as soon thereafter as practicable, at the Issuer's offices at 3950 South Adams Avenue, Suite 1 in South Ogden, Utah. The purpose of the public hearing is to receive input from the public with respect to the issuance of the Bonds and the potential economic impact that the improvement, facility or property for which the bonds will pay all or part of the cost will have on the private sector. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING BONDS The Issuer intends to issue the Bonds for the purposes of (i) financing park improvements, and related improvements and potentially refunding the Sales and Excise Tax Revenue Bonds 2009 and the Federally Taxable/Convertible to Tax-Exempt Sales Tax Revenue Refunding Bonds, Series 2015, (ii) funding a deposit to a debt service reserve fund, if desirable, and (iii) paying costs of issuance in connection with the issuance and sale of the Bonds. PARAMETERS OF THE BONDS The Issuer intends to issue the Bonds in the principal amount of not to exceed $12,306,000, to bear interest at a rate or rates of not to exceed five and one-half percent (5.5%) per annum, to mature in not more than 21 years from their date or dates, and to be sold at a price not less than 98% of the total principal amount thereof, plus accrued interest to the date of delivery, if any. The estimated total cost to the Issuer for the proposed Bonds, if the Bonds are held until the maximum maturity, based on the maximum interest rate above, if any, is $18,376,931. However, based on the expected amount to be borrowed at the anticipated interest rate, it is estimated that the total cost for the proposed Bonds will be approximately $12,156,970. EXCISE TAXES PROPOSED TO BE PLEDGED The Issuer proposes to pledge all the Local Sales and Use Tax funds received by Issuer pursuant to Title 59, Chapter 12, Part 2, Utah Code Annotated 1953, as amended, and the Municipal Telecommunications License Tax Funds received by the Issuer pursuant to Title 10, Chapter 1, Part 4, Utah Code Annotated 1953, as amended, for repayment of the Bonds. As Sales and Excise Tax Revenue and Refunding Bonds, no property taxes will be pledged for repayment of the Bonds. At present, the total amount of bonds outstanding that are secured by sales and excise tax revenues for the Issuer is no more than $7,025,000. The Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution the draft of a Final Bond Resolution, a General Indenture of Trust and a Sixth Supplemental Indenture of Trust which were before the Council and attached to the Resolution in substantially final form at the time of the adoption of the Resolution and said Final Bond Resolution, a General Indenture of Trust and a Sixth Supplemental Indenture of Trust are to be adopted by the Council in such form and with such changes thereto as shall be approved by the Council upon the adoption thereof; provided that the principal amount, interest rate or rates, maturity and discount of the Bonds will not exceed the maximums set forth above. Copies of the Resolution, the Final Bond Resolution, the General Indenture of Trust and the Sixth Supplemental Indenture of Trust are on file in the office of the City Recorder of the Issuer at 3950 South Adams Avenue in South Ogden, Utah, where they may be examined during regular business hours of the City Recorder from 8:00 a.m. to 5:00 p.m. for a period of at least thirty (30) days from and after the last date of publication of this notice. NOTICE IS HEREBY GIVEN that a period of thirty (30) days from and after the last 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 Final Bond Resolution, the General Indenture of Trust, the Sixth Supplemental Indenture of Trust or the Bonds, or any provision made for the security and payment of the Bonds by filing a verified written complain in the district court of the county in which he resides, 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 the Issuer may sign a written petition requesting an election to authorize the issuance of the Bonds. If written petitions which have been signed by at least 20% of the registered voters of South Ogden 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 Bonds. If fewer than 20% of the registered voters of South Ogden City, Utah, file a written petition during said 30-day period, the Issuer may proceed to issue the Bonds without an election. DATED: July 16, 2019 /s/ Leesa Kapetanov________ City Recorder

Notice of Special Accommodations (ADA)

In compliance with the Americans with Disabilities Act, individuals needing special accommodations including auxiliary communicative aids and services during these hearings/meeetings should notify Leesa Kapetanov at 801-622-2709 at least three days prior to the meeting.

Notice of Electronic or Telephone Participation

NA

Meeting Information

Meeting Location

3950 Adams Ave.
South Ogden, 84403
Show in Apple Maps Show in Google Maps

Contact Name

Danielle Bendinelli

Contact Email

dbendinelli@southogdencity.gov

Contact Phone

8016222707

Notice Posting Details

Notice Posted On

July 17, 2019 08:42 AM

Notice Last Edited On

July 17, 2019 08:42 AM

Subscribe by Email

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