General Information

Government Type

Municipality

Entity

Salt Lake City

Public Body

Salt Lake City Council

Notice Information

Add Notice to Calendar

Notice Title

Notice of Public Hearing and Bonds to be Issued

Notice Tags

Business

Notice Type(s)

Hearing

Event Start Date & Time

July 7, 2020 07:00 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 'Bond Act') that on June 9, 2020, the City Council (the 'Council') of Salt Lake City, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Public Utilities Revenue Bonds, Series 2020 (the 'Series 2020 Bonds') (to be issued in one or more series and with such other name, series or title designation(s) as may be determined by the Issuer) and called a public hearing. PURPOSE, TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on July 7, 2020, at the hour of 7:00 p.m. via electronic means pursuant to the Salt Lake City Emergency Proclamation. This hearing will not have a physical location at the City and County Building. All attendees will connect remotely. Members of the public are encouraged to participate in the hearing using the following platforms: Facebook Live: www.facebook.com/slcCouncil/ YouTube: www.youtube.com/slclivemeetings Web Agenda: www.slc.gov/council/agendas/ SLCtv Channel 17 Live: www.slctv.com/livestream/SLCtv-Live/2 Please visit the website council.comments@slcgov.com or call 801-535-7654 to learn how you can share your comments live during the hearing. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Series 2020 Bonds and (b) any potential economic impact that the project to be financed with the proceeds of the Series 2020 Bonds may have on the private sector. PURPOSE FOR ISSUING THE SERIES 2020 BONDS The Series 2020 Bonds will be issued for the purpose of financing improvements to the Issuer's water, sewer, storm drain and street lighting systems (collectively, the 'System') and paying costs of issuance of the Series 2020 Bonds. REVENUES TO BE PLEDGED The Series 2020 Bonds are special limited obligations of the Issuer payable from the revenues of the System (the 'Revenues'). PARAMETERS OF THE SERIES 2020 BONDS The Issuer intends to issue the Series 2020 Bonds in the aggregate principal amount of not more than Two Hundred Million Dollars ($200,000,000), 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 six percent (6.0%) 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 Master Trust Indenture (the 'Master Indenture') and a Supplemental Indenture of Trust (the 'Supplemental Indenture' and collectively, the 'Indenture') which Indenture was before the Council in substantially final form at the time of the adoption of the Resolution and said Supplemental 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. OUTSTANDING BONDS SECURED BY REVENUES Other than the proposed Series 2020 Bonds, the Issuer currently has $95,240,000 of bonds outstanding (the 'Outstanding Bonds') secured by the Revenues (as more fully described in the Indenture). 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: https://reporting.auditor.utah.gov/searchreport. For additional information, including any information more recent than as of the date of the Financial Report, please contact Marina Scott, City Treasurer, at (801) 535-6565. TOTAL ESTIMATED COST Based on the Issuer's current plan of finance and a current estimate of interest rates, the total principal and interest cost of the Series 2020 Bonds to be issued under the Bond Act if held until maturity is $309,900,418. A copy of the Resolution and the Indenture are on file in the office of the Salt Lake City Recorder, 451 South State Street, Salt Lake City, Utah, or, in the event such office is closed for any reason, at 349 South 200 East, Salt Lake City, Utah, where they may be examined during regular business hours of the City Recorder from 8:00 a.m. to 5:00 p.m. 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 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 June 9, 2020 /s/ Cindy Trishman City Recorder

Notice of Special Accommodations (ADA)

To access agendas and related materials, including meeting minutes and videos, please visit: www.slccouncil.com/recent-agendas. The City & County Building is an accessible facility. People with disabilities may make requests for reasonable accommodation, which may include alternate formats, interpreters, and other auxiliary aids and services. Please make requests at least two business days in advance. To make a request, please contact the City Council Office at council.comments@slcgov.com, 801-535-7600, or relay service 711.

Notice of Electronic or Telephone Participation

: One or more Council Members may be connected via speakerphone

Meeting Information

Meeting Location

This meeting will be an eletronic meeting pursant to the Salt Lake City Emergency Proclamation
Salt Lake City, 84111
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Contact Name

Salt Lake City Council Office

Contact Email

council.comments@slc.gov

Contact Phone

(801)535-7600

Notice Posting Details

Notice Posted On

June 15, 2020 09:01 AM

Notice Last Edited On

June 15, 2020 09:01 AM

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