General Information

Government Type

Municipality

Entity

Spanish Fork

Public Body

Public Notice

Notice Information

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Notice Title

Notice of Public Hearing and Bonds to be Issued

Notice Tags

Other

Notice Type(s)

Notice

Event Start Date & Time

April 25, 2020 08:00 AM

Event End Date & Time

June 2, 2020 09:00 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 April 21, 2020, the City Council (the 'Council') of Spanish Fork City, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Sewer 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 June 2, 2020, at the hour of 6:00 p.m. at 40 South Main Street, Spanish Fork, 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) constructing improvements and additions to the Issuer's existing sewage treatment and collection system (the 'System') and all related improvements (the 'Series 2020 Project'), (b) funding any necessary debt service reserve funds, 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 Ninety Million Dollars ($90,000,000), to mature in not more than thirty-one (31) 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 Council 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 payable from all or any part of the revenues, fees, income, rents and receipts received or earned by the Issuer from or attributable to the ownership and operation of the System. OUTSTANDING BONDS SECURED BY THE REVENUES The Issuer currently has no 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, Kent Clark, Finance Director at (801) 804-4520. 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 $91,469,399.82. A copy of the Resolution and the Indenture are on file in the office of the Spanish Fork City Recorder, 40 South Main Street, Spanish Fork, Utah, where they may be examined during regular business hours of the Recorder 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 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 April 21,2020. /s/Kent Clark Recorder

Notice of Special Accommodations (ADA)

SPANISH FORK CITY does not discriminate on the basis of race, color, national origin, sex, religion, age or disability in the employment or the provision of services. If you need special accommodation to participate, please contact the City Manager's Office at 804-4500.

Notice of Electronic or Telephone Participation

N/A

Meeting Information

Meeting Location

40 South Main Street
Spanish Fork, 84660
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Contact Name

Tara Silver

Contact Email

tsilver@spanishfork.org

Contact Phone

(801)804-4530

Notice Posting Details

Notice Posted On

April 23, 2020 08:42 AM

Notice Last Edited On

April 23, 2020 08:42 AM

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