General Information

Government Type

Municipality

Entity

West Valley City

Public Body

Redevelopment Agency

Notice Information

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Notice Title

Notice of Bonds to Be Issued

Notice Tags

Bonds, Official Notices

Notice Type(s)

Notice, Bond

Event Start Date & Time

February 8, 2020 07:00 AM

Description/Agenda

NOTICE OF BONDS TO BE ISSUED NOTICE IS HEREBY GIVEN pursuant to the provisions of the Limited Purpose Local Government Entities-Community Reinvestment Agency Act, Title 17C, Chapters 1 4, Utah Code Annotated 1953, as amended and the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended (together, the 'Act'), that on February 4, 2020, the Board of Directors (the 'Board') of the Redevelopment Agency of West Valley City, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuers Tax Increment and Franchise Tax Revenue Refunding Bonds, Series 2020 (to be issued from time to time in one or more series and with such other series or title designation(s) as may be determined by the Issuer) (collectively, the 'Series 2020 Bonds'). PURPOSE FOR ISSUING THE SERIES 2020 BONDS The Series 2020 Bonds will be issued for the purpose of (a) refunding the Agency's outstanding Tax Increment and Franchise Tax Revenue Bonds, Series 2010B (Federally Taxable-Issuer Subsidy-Build America Bonds) (the 'Refunded Bonds'), (b) funding any necessary reserves, and (c) paying costs associated with the issuance of the Series 2020 Bonds. REVENUES PROPOSED TO BE PLEDGED The Series 2020 Bonds shall constitute special limited obligations of the Issuer and, except as otherwise provided in the herein referenced Indenture, are secured by an irrevocable pledge of, and shall be payable as to principal, premium, if any, and interest solely from the tax increment revenues generated from the City Center Redevelopment Project Area and all or a portion of franchise tax revenues received from and pledged by West Valley City, Utah. PARAMETERS OF THE SERIES 2020 BONDS The Issuer intends to issue the Series 2020 Bonds, in the initial aggregate principal amount of not to exceed $5,500,000 shall mature in not more than seven (7) years from their date or dates, shall be sold at a price not less than ninety-seven percent (97%) of the total principal amount thereof, shall bear interest at a rate or rates not to exceed five percent (5.00%) 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 form of Indenture of Trust (the 'Indenture') attached to the Resolution in substantially final form at the time of the adoption of the Resolution and said Indenture is to be executed by the Board in such form and with such changes thereto as shall be approved by the Chair or Vice Chair; 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. A copy of the Resolution and the Indenture are on file in the office of the City Recorder of West Valley City, 3600 South Constitution Blvd., West Valley City, Utah, where they may be examined during regular business hours of the City Recorder from 7:00 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 applies to the Series 2020 Bonds), or the Series 2020 Bonds, or any provision made for the security and payment of the 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 8, 2020. REDEVELOPMENT AGENCY OF WEST VALLEY CITY, UTAH /s/Nichole Camac Secretary

Notice of Special Accommodations (ADA)

NA

Notice of Electronic or Telephone Participation

NA

Meeting Information

Meeting Location

3600 S Constitution Blvd
West Valley City, 84119
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Contact Name

No Name

Contact Email

notapplicable@noemailprovided.gov

Contact Phone

NULL

Notice Posting Details

Notice Posted On

February 05, 2020 12:18 PM

Notice Last Edited On

February 05, 2020 12:18 PM

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