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Hyde Park:
City Council

This notice has been cancelled

Entity: Hyde Park

Body: City Council

Subject: Bonds

Notice Title: Postponed / Notice of Public Hearing and Bonds to be Issued

Notice Type: Hearing, Bond

Event Start Date & Time: April 22, 2020 07:00 PM

Description/Agenda:

Postponed to June 24th 
NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED
NOTICE IS HEREBY GIVEN pursuant to the provisions of the Utah Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended, that on March 25, 2020, the City Council (the City Council) of Hyde Park City, Cache County, Utah (the Issuer), adopted a resolution (the Resolution) in which it authorized the issuance and sale of the Issuers Water Revenue Bonds, Series 2020 (herein, the Series 2020 Bonds) in an aggregate principal amount not to exceed Six Million Dollars ($6,000,000), to bear a Hardship Grant Assessment in lieu of interest at a rate or rates not to exceed two and ninety-one hundredths percent (2.91%) per annum, to mature in not more than twenty-five (25) years from their date or dates, and to be sold at a price not less than ninety-nine percent (99%) of the total principal amount thereof, plus accrued interest to the date of delivery.  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 $8,451,783.  However, the Issuer anticipates that the principal amount of the Bonds will not be issued in an amount in excess of Five Million Dollars ($5,000,000), to bear a Hardship Grant Assessment in lieu of interest at a rate or rates not to exceed two and ninety-one hundredths percent (2.91%) per annum, to be repaid over twenty (20) years, in which event the amount to be repaid will be approximately $6,618,338.30.  Currently the Issuer has no outstanding bonds secured by a pledge of water revenues.
NOTICE IS FURTHER GIVEN that the Issuer called a public hearing for the purpose of inviting public comment on the proposed issuance of the Series 2020 Bonds and the economic impact that the improvements proposed to be financed with the Series 2020 Bonds will have on the private sector.  The public hearing will be held on April 22, 2020, at 7:00 p.m., or as soon thereafter as feasible, as an electronic meeting at: https://zoom.us/ and join meeting 413 560 120.  All members of the public are invited to attend and participate.  No taxes will be pledged to secure the Bonds.
The Series 2020 Bonds will be issued pursuant to the Resolution and a Final Bond Resolution to be adopted authorizing and confirming the sale of the Series 2020 Bonds (the Final Bond Resolution) for the purposes of financing, in part, (i) the acquisition and construction of improvements to the Issuers drinking water system, and related improvements, and (ii) paying the costs of issuing the Bonds.
A draft of the Final Bond Resolution in substantially final form was before the City Council and was part of the Resolution at the time of the adoption of the Resolution by the City Council (collectively, the Bond Resolutions). The Final Bond Resolution is to be adopted by the City Council in such form and with such changes thereto as shall be approved by the City Council upon the adoption thereof; 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 Bond Resolutions are on file in the office of the City Recorder in the Issuer where they may be examined during regular business hours from 8:00 a.m. and 4:30 p.m. Monday through Friday for at least thirty (30) days from and after the date of publication of this notice.
NOTICE IS FURTHER GIVEN that, for a period of thirty (30) days from and after the date of the publication of this notice, any person in interest shall have the right to contest the legality of the Bond Resolutions or the Series 2020 Bonds, or any provision made for the security and payment of the Series 2020 Bonds by filing a verified written complaint in the district court of their county of residence, and that after such 30-day period, no one shall have any cause of  action to contest the regularity, formality or legality thereof for any reason.
DATED March 25, 2020.
/s/      Donja Wright	
	City Recorder

 

Notice of Special Accommodations:

REASONABLE ACCOMMODATION: Hyde Park City will make efforts to provide reasonable accommodations to disabled members of the public in accessing City programs. Please contact Donja Wright at 435-563-6507, ext. 11 at least 24 hours in advance if you have special needs.

Notice of Electronic or telephone participation:

A councilmember may join a meeting electronically upon proper notice of the meeting and 24-hour notice to council members. A council member participating electronically will be connected to the meeting by telephone.

Other Information

This notice was posted on: March 30, 2020 03:23 PM
This notice was last edited on: April 15, 2020 11:33 AM

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