NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED
PUBLIC NOTICE IS HEREBY GIVEN pursuant to the provisions of the Local Building Authority Act, Title 17D, Chapter 2, Utah Code Annotated 1953, as amended (the 'Utah Code'), the Local Government Bonding Act, Title 11, Chapter 14, Utah Code, and the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code, that on June 16, 2020, the Municipal Building Authority (the 'Authority') of Davis County, Utah (the 'County') adopted a resolution (the 'Resolution') declaring its intention to authorize the issuance of its Lease Revenue and Refunding Bonds, Series 2020 (to be issued in one or more series and with any designated title(s) determined by the Authority, collectively, the 'Bonds'), and calling a public hearing to receive input from the public with respect to the issuance of the Bonds.
TIME, PLACE AND LOCATION OF PUBLIC HEARING
The Authority shall hold a public hearing on Tuesday, July 21, 2020, at the hour of 4:00
p.m. The location of the public hearing is at the County offices located at 61 South Main Street, Utah. The purpose of the hearing is to receive input from the public with respect to: (a) the proposed Bonds, and (b) any potential economic impact that the improvements, facility or property financed in whole or in part 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 BONDS
The Authority intends to issue the Bonds to provide funds to finance all or a portion of the renovation of the County courthouse (the 'Project') for lease to the County, refund outstanding lease revenue bonds of the Authority (the 'Refunded Bonds'), (c) fund any required debt service reserve fund, if necessary, and (d) pay costs associated with the issuance of the Bonds.
PARAMETERS OF THE BONDS
The Authority intends to issue the Bonds in the principal amount of not to exceed Twenty-Four Million Three Hundred Thousand Dollars ($24,300,000) (with approximately
$7,500,000 for the Project and approximately $16,800,000 for the refunding of the Refunded Bonds), to bear interest at a rate or rates of not to exceed five and one-half percent (5.50%) 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-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 attachments to said Resolution a form of a General Indenture of Trust and a Supplemental Indenture of Trust (collectively, the 'Indenture') and a form of a Master Lease Agreement (the 'Lease'), which were before the Authority at the time of the adoption of the Resolution. The Indenture and the Lease are to be executed by the Authority and/or the County with such terms and provisions and any changes thereto as shall be approved by the Authority and the County at the time of adoption of final bond resolutions.
SECURITY FOR THE BONDS
The Bonds are payable solely from the rents, revenues and other income received by the Authority from the leasing of the Project to the County on an annually renewable basis (the 'Lease Revenues').
OUTSTANDING BONDS SECURED BY LEASE REVENUES
The Authority does not currently have any bonds outstanding secured by the Lease Revenues for this Project; however the Authority has lease revenues bonds currently outstanding in the principal amount of $16,380,000 for various projects that the Authority has leased to the County.
OTHER OUTSTANDING BONDS OF THE AUTHORITY
Information regarding all of the Authority's outstanding bonds may be found in the
Authority's audited financial report (the 'Financial Report') at: hhttp://secure.utah.gov/auditor-
search/. For additional information, including any information more recent than as of the date of the Financial Report, please contact the County Clerk/Auditor at (801) 451-3213.
TOTAL ESTIMATED COST
Based on an estimate of the current interest rate and financing plan, the estimated total debt service cost of the Bonds related to the Project, if held until maturity is $8,850,525.
A copy of the Resolution and the forms of Indenture and the Lease are on file in the office of the County Clerk/Auditor, at 61 South Main Street, in Farmington, Utah, where they may be examined during regular business hours from 8:00 a.m. to 5:00 p.m. for a period of at least thirty (30) days from and after the last 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 (only as it pertains to the Bonds), the Lease, 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 and (ii) registered voters within Davis County, Utah may sign a written petition requesting an election to authorize the issuance of the Bonds. If written petitions which have been signed by at least 20% of the registered voters of Davis County, Utah are filed with the Issuer during said 30-day period, the Issuer shall be required to hold an election to obtain voter authorization prior to the issuance of the Bonds. If fewer than 20% of the registered voters of Davis County, Utah file a written petition during said 30-day period, the Issuer may proceed to issue the Bonds without an election.
DATED this June 16, 2020.
/s/ Curtis Koch Secretary of the Municipal
Building Authority of Davis County, Utah
Notice of Special Accommodations (ADA)
Pursuant to the Americans with Disabilities Act, individuals needing special accommodations during this meeting should notify the Davis County Commission Office at 801-451-3200 prior to the meeting.
Disclaimer: The records linked in the electronic agenda are for informational purposes only and are not the official record of this Commission Meeting.
Notice of Electronic or Telephone Participation
Electronic Participation: Pursuant to UCA 52-4-207, electronic and telephone participation is available to this body's members and invited guests but not available to the general public.