General Information

Government Type

Municipality

Entity

Pleasant Grove

Public Body

Public Hearing Notices

Notice Information

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Notice Title

Notice of Bonds to be Issued

Notice Tags

Bonds

Notice Type(s)

Notice

Event Start Date & Time

February 5, 2020 10:00 AM

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 February 4, 2020, the City Council (the 'Council') of Pleasant Grove City, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') authorizing the issuance of the Issuer's Storm Water Revenue Refunding Bonds, Series 2020 (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 storm water 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 Ten Million Three Hundred Thousand Dollars ($10,300,000), to mature in not more than twenty (20) 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 and one-half percent (5.5%) 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'). REVENUES PROPOSED TO BE PLEDGED The Bonds are special limited obligations of the Issuer payable from the net revenues of the storm water system. A copy of the Resolution, and the Indenture are on file in the office of the Issuer, 70 South 100 East, Pleasant Grove City, Utah where they may be examined during regular business hours of the City Recorder from 7:30 a.m. to 5:30 p.m. Monday through Thursday, and 8:00 a.m. to noon on Friday, Utah, 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 (but only as it relates 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 February 4, 2020. /s/Kathy Kresser City Recorder

Notice of Special Accommodations (ADA)

N/A

Notice of Electronic or Telephone Participation

N/A.

Meeting Information

Meeting Location

70 S 100 E
Pleasant Grove , 84062
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Contact Name

Wendy Thorpe

Contact Email

wthorpe@pgcity.org

Contact Phone

801-785-5045

Notice Posting Details

Notice Posted On

February 05, 2020 09:39 AM

Notice Last Edited On

February 05, 2020 09:39 AM

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