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

December 3, 2019 07:00 PM

Description/Agenda

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 (the 'Act'), that on October 15,,2019, the City Council (the 'Council') of Riverton City, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Water Revenue Bonds, Series 2020 (the 'Series 2020 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 (a) the issuance of that portion of the Series 2020 Bonds issued under the Act and (b) any potential economic impact that the Project described herein to be financed with the proceeds of the Series 2020 Bonds issued under the Act may have on the private sector. TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on December 3, 2019, at the hour of 7:00 p.m. at 12830 South 1700 West, Riverton, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Series 2020 Bonds issued under the Act and (b) any potential economic impact that the Project to be financed with the proceeds of that portion of the Series 2020 Bonds issued under the Act may have on the private sector. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING THE SERIES 2020 BONDS The Series 2020 Bonds will be issued for the purpose of (a) financing all or a portion of the costs of improvements to the Issuer's water system (the 'System'), including, but not limited to, secondary water meters and all related improvements (the 'Series 2020 Project'), (b) funding any debt service reserve funds, as necessary, and (c) paying costs of issuance of the Series 2020 Bonds. PARAMETERS OF THE SERIES 2020 BONDS The Issuer intends to issue the Series 2020 Bonds in the aggregate principal amount of not more than Eighteen Million Seven Hundred Thousand Dollars ($18,700,000), to mature in not more than twenty-six (26) 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 five and one-half percent (5.50%) per annum. The Series 2020 Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a General and a Supplemental Indenture (together, the 'Indenture') which were before the Board 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 Series 2020 Bonds will not exceed the maximums set forth above. The Issuer reserves the right to not issue the Series 2020 Bonds for any reason and at any time up to the issuance of the Series 2020 Bonds. REVENUES PROPOSED TO BE PLEDGED The Series 2020 Bonds are special limited obligations of the Issuer payable from the net revenues of the System. OUTSTANDING BONDS SECURED BY THE REVENUES The Issuer currently has $4,223,000 of parity bonds outstanding secured by the net revenues of the System. 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: http://secure.utah.gov/auditor-search/. For additional information, including any information more recent than as of the date of the Financial Report, please contact, Konrad Hildebrandt, City Manager at (801) 208-3125. TOTAL ESTIMATED COST OF BONDS Based on the Issuer's current plan of finance for the Series 2020 Project and a current estimate of interest rates, the total principal and interest cost of the Series 2020 Bonds to be issued under the Act to finance the 2020 Project, if held until maturity, is $19,930,588.91. A copy of the Resolution and the Indenture are on file in the office of Riverton City Recorder, 12830 South 1700 West, Riverton, Utah, where they may be examined during regular business hours of the 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 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 (i) any person in interest shall have the right to contest the legality of the Resolution, the Indenture (as it pertains to the Series 2020 Bonds), or the Series 2020 Bonds, or any provision made for the security and payment of the Series 2020 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 October 15, 2019. /s/Virginia Loader 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
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Contact Name

Jamie Larsen

Contact Email

jlarsen@rivertonutah.gov

Contact Phone

(801)208-3128

Notice Posting Details

Notice Posted On

October 16, 2019 01:49 PM

Notice Last Edited On

October 16, 2019 01:49 PM

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