General Information

Government Type

Municipality

Entity

Riverton

Public Body

City Council

Notice Information

Add Notice to Calendar

Notice Title

Riverton City Public Notice

Notice Tags

Bonds

Notice Type(s)

Notice

Event Start Date & Time

August 27, 2019 05:30 PM

Description/Agenda

NOTICE OF BONDS TO BE ISSUED NOTICE IS HEREBY GIVEN pursuant to the provisions of the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended (the 'Act'), that on August 27, 2019, the City Council (the 'Council') of Riverton City, Utah (the 'Issuer'), will consider for adoption a resolution (the 'Resolution') authorizing the issuance of the Issuer's Franchise and Sales Tax Revenue Refunding Bonds, Series 2019 (the '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). PURPOSE FOR ISSUING THE BONDS The Bonds will be issued for the purpose of (a) refunding all or a part of the Issuer's outstanding sales and franchise tax revenue bonds (the 'Refunded Bonds') in order to achieve a debt service savings, (b) funding a deposit to a debt service reserve fund, if necessary, and (c) 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 Twenty-One Million Dollars ($21,000,000), 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 of not to exceed five percent (5.0%) 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, the 'Indenture') and a final bond resolution (the 'Bond Resolution') which were before the Council in substantially final form at the time of the adoption of the Resolution. EXCISE TAXES PROPOSED TO BE PLEDGED The Issuer proposes to pledge 100% of all the revenues produced by (i) local sales and use taxes levied by the City under the Local Sales and Use Tax Act, Title 59, Chapter 12, Part 2, Utah Code; (ii) municipal energy sales and use taxes levied by the City under the Municipal Energy Sales and Use Tax Act, Title 10, Chapter 1, Part 3, Utah Code; (iii) a telecommunications license tax levied by the City under the Municipal Telecommunications License Tax Act, Title 10, Chapter 1, Part 4 of the Utah Code; and (iv) Franchise fees received by the City pursuant to a Cable Television Franchise Agreement between the City and Comcast and any similar cable franchise agreements (collectively, the 'Pledged Taxes'). A copy of the Resolution, Bond Resolution and the Indenture are on file in the office of the City Recorder, 12830 South Redwood Road, Riverton, Utah, where they may be examined during regular business hours of the City Recorder from 8:00 a.m. to 6:00 p.m., Monday through Thursday and 8:00 a.m. to 5:00 p.m. on Fridays, 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 Bond Resolution, the Indenture (but 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 August 27, 2019. /s/ Virginia Loader City Recorder

Notice of Special Accommodations (ADA)

Riverton City Hall is an accessible facility. Individuals needing special accommodations or assistance during this meeting shall notify the City Recorders Office at 801-208-3126, at least two business days in advance of the meeting. Accessible parking and entrance are located on the south end of the building with elevator access to the City Council Chambers located on the second floor.

Notice of Electronic or Telephone Participation

N/A

Meeting Information

Meeting Location

12830 S Redwood Road
Riverton, 84065
Show in Apple Maps Show in Google Maps

Contact Name

Jamie Larsen

Contact Email

jlarsen@rivertonutah.gov

Contact Phone

(801)208-3128

Notice Posting Details

Notice Posted On

August 19, 2019 01:31 PM

Notice Last Edited On

August 19, 2019 01:31 PM

Subscribe by Email

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