General Information

Government Type

Municipality

Entity

Salem

Public Body

City Council

Notice Information

Add Notice to Calendar

Notice Title

Salem City Council

Notice Tags

Bonds, Water and Irrigation

Notice Type(s)

Notice

Event Start Date & Time

June 18, 2020 04:00 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 May 20, 2020, the City Council (the 'Council') of Salem City, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Secondary Water Revenue Bonds, Series 2020 (to be issued in one or more series and with such other series or title designation(s) as may be determined by the Issuer) (collectively, the 'Bonds') and called a public hearing. TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on July 15, 2020, at the hour of 7:00 p.m. at 30 West 100 South, Salem, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Bonds and (b) any potential economic impact that the project to be financed with the proceeds of the Bonds may have on the private sector. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING THE BONDS The Bonds will be issued for the purpose of (a) financing all or a portion of the costs of installing water meters to the Issuer's secondary water system (the 'System'), and all related improvements (collectively, the 'Project') and (b) paying costs of issuance of the Bonds. PARAMETERS OF THE BONDS The Issuer intends to issue the Bonds in the aggregate principal amount of not more than Two Million Two Hundred Thousand Dollars ($2,200,000), to mature in not more than twenty (20) 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 percent (5.00%) per annum. The Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a Master Resolution (the 'Master Resolution') which was before the Council in substantially final form at the time of the adoption of the Resolution and said Master Resolution 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 Bonds will not exceed the maximums set forth above. The Issuer reserves the right to not issue the Bonds for any reason and at any time up to the issuance of the Bonds. REVENUES PROPOSED TO BE PLEDGED The Bonds are special limited obligations of the Issuer payable from the net revenues of the System. OUTSTANDING BONDS SECURED BY REVENUES The Issuer currently has $5,961,742 of bonds outstanding secured by the Revenues. 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 Jeffrey Nielson, Finance Director/Recorder at (801) 423-2770. TOTAL ESTIMATED COST OF BONDS Based on the Issuer's current plan of finance and a current estimate of interest rates, the total principal and interest cost of the Bonds to be issued under the Act to finance the Project, if held until maturity, is $1,660,540. A copy of the Resolution and the Master Resolution are on file in the office of City Recorder, 30 West 100 South, Salem City, Utah where they may be examined during regular business hours of the City Recorder from 7:30 a.m. to 5:30 p.m. Monday through Thursday and 7:30 a.m. to 12:00 p.m. (noon) on 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 any person in interest shall have the right to contest the legality of the Resolution, the Master Resolution or the 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 May 20, 2020. /s/Jeffrey Nielson City Recorder

Notice of Special Accommodations (ADA)

In compliance with the A.D.A., individuals needing special accommodations during this meeting should notify the Salem City Office at 30 W. 100 S. or call (801) 423-2770 at least three working days prior to meeting.

Notice of Electronic or Telephone Participation

Not Available

Meeting Information

Meeting Location

30 West 100 South
Salem, 84653
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Contact Name

Jeff Nielson

Contact Email

jeffn@salemutah.gov

Contact Phone

8014232770

Notice Posting Details

Notice Posted On

June 18, 2020 03:52 PM

Notice Last Edited On

June 18, 2020 03:52 PM

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