General Information

Government Type

Municipality

Entity

Syracuse

Public Body

Municipal Building Authority

Notice Information

Add Notice to Calendar

Notice Title

MBA Bond

Notice Tags

Bonds

Notice Type(s)

Notice, Bond

Event Start Date & Time

April 14, 2020 06:00 PM

Description/Agenda

NOTICE BONDS TO BE ISSUED PUBLIC NOTICE IS HEREBY GIVEN that pursuant to the Local Building Authority Act, Title 17D, Chapter 2, Utah Code Annotated 1959, as amended, and the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended (collectively, the Act), on April 14, 2020 the Governing Board (the Governing Board) of the Municipal Building Authority of Syracuse City, Utah (the Authority) anticipates adopting a resolution (the Resolution) declaring its intention to issue its Lease Revenue Refunding Bonds, Series 2020 (to be issued in one or more series and with such other or further designation(s) as the Authority may determine) (the Bonds). PURPOSE FOR ISSUING THE BONDS The Bonds will be issued for the purpose of (a) refunding certain outstanding lease revenue refunding bonds, (b) funding any required deposit to a debt service reserve fund, and (c) paying issuance expenses of the Bonds. PARAMETERS OF THE BONDS The Authority intends to issue the Bonds in the principal amount of not to exceed Eight Million Dollars ($8,000,000), to bear interest at the rate or rates of not to exceed a rate of three percent (3.0%) per annum, to mature in not more than ten (10) years from their date or dates of issuance, and to be sold at a price not less than ninety-eight percent (98%) of the total principal amount thereof, plus accrued interest to the date of delivery. The Bonds are to be issued and sold by the Authority pursuant to the Resolution, including as part of said Resolution, forms of a General Indenture of Trust (the General Indenture), a Supplemental Indenture of Trust (the Supplemental Indenture and together with the General Indenture, the Indenture), a Bond Purchase Agreement (the Purchase Agreement), a Master Lease Agreement (the Master Lease), certain Security Documents (the Security Documents), and a Ground Lease (the Ground Lease), which were before the Governing Board and attached to the Resolution at the time of the adoption of the Resolution and said General Indenture, Supplemental Indenture, Purchase Agreement, Master Lease, Security Documents, and Ground Lease are to be executed by the Authority in such form and with such changes thereto as shall be approved by the Authority; provided that the principal amount, interest rates, maturity, and discount of the Bonds will not exceed the maximums set forth above. Copies of the Resolution, General Indenture, Supplemental Indenture, Purchase Agreement, Master Lease, Security Documents, and Ground Lease are on file in the office of the City Recorder of Syracuse City (the City) located at 1979 West 1900 South, Syracuse, Utah, where they may be examined during regular business hours of the City from 8:00 a.m. to 5:00 p.m. Monday through Friday, for a period of at least thirty (30) days from and after the last date of publication of this notice. SECURITY FOR THE BONDS This Bonds are to be issued under and secured by and entitled to the protection of the Indenture, pursuant to which all base rentals payable by Syracuse City, Utah (the City) under the Master Lease and, if paid by the City, the Purchase Option Price, are assigned to secure the payment of principal of, interest on, and premium, if any on the Bonds. Additionally, a security interest in the Project shall be granted to the holders of this Bonds pursuant to the Master Lease, to further secure the Authority's obligations under the Indenture. NOTICE IS HEREBY GIVEN that a period of thirty (30) days from and after the last 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 Indenture, Purchase Agreement, Master Lease, Security Documents, or Ground Lease, 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 April 4, 2020. /s/ Cassie Brown Secretary-Treasurer

Notice of Special Accommodations (ADA)

In compliance with the Americans Disabilities Act, persons needing auxiliary communicative aids and services for this meeting should contact the City Offices at 825-1477 at least 48 hours in advance of the meeting.

Notice of Electronic or Telephone Participation

Not available

Meeting Information

Meeting Location

1979 W 1900 S
Syracuse, 84075
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Contact Name

Jenny Schow

Contact Email

jschow@syracuseut.com

Contact Phone

8016149626

Notice Posting Details

Notice Posted On

April 03, 2020 11:03 AM

Notice Last Edited On

April 03, 2020 11:03 AM

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