General Information

Government Type

Municipality

Entity

American Fork

Public Body

City Council

Notice Information

Add Notice to Calendar

Notice Title

Notice of Public Hearing and Bonds to be issued

Notice Tags

Bonds

Notice Type(s)

Notice, Hearing, Bond

Event Start Date & Time

July 28, 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 'Act'), that on June 30, 2020, the City Council (the 'Council') of American Fork City, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Water Revenue and Refunding 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 to receive input from the public with respect to (a) the issuance of the Bonds and (b) any potential economic impact that the Project described herein to be financed with the proceeds of the Bonds may have on the private sector. TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on July 28, 2020, at the hour of 7:00 p.m. Pursuant to COVID-19 Federal Guidelines, this meeting will be conducted electronically. You may watch the meeting live-streamed at https://www.afcity.org/AgendaCenter. Email public comments to zoompubliccomment@afcity.net prior to 5:00 p.m. the day of the meeting for them to be read into record. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of that portion of the 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 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 BONDS The Bonds will be issued for the purpose of (a) financing all or a portion of the costs of construction of improvements to its water system (collectively, the 'Project'), (b) refunding certain water revenue bonds (the 'Refunded Bonds') and (c) 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 Twenty-Nine Million Five Hundred Thousand Dollars ($29,500,000), 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 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 General Indenture of Trust and a Supplemental Indenture of Trust (together, 'Indenture') which was 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 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 all or any portion of the net revenues of the System. OUTSTANDING BONDS SECURED BY REVENUES The Issuer currently has $567,000 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 David Bunker, City Administrator (801) 763-3000. 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 $45,152,000. A copy of the Resolution and the Indenture are on file in the office of City Recorder, 51 East Main, American Fork City, Utah where they may be examined during regular business hours of the City Recorder from 7:00 a.m. to 6:00 p.m. Monday through Thursday, and 8:00 a.m. to noon and 1:00 to 4:00 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 Indenture 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 June 30, 2020. /s/ Terilyn Lurker City Recorder

Notice of Special Accommodations (ADA)

NOTICE OF SPECIAL ACCOMMODATION DURING PUBLIC MEETINGS In compliance with the Americans with Disabilities Act, individuals needing special accommodations (including auxiliary communicative aids and services) during this meeting should notify Terilyn Lurker at 801-763-3000.

Notice of Electronic or Telephone Participation

This meeting will be held electronically.

Meeting Information

Meeting Location

51 E. Main Street
American Fork, 84003
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Contact Name

Terilyn Lurker

Contact Email

tlurker@americanfork.gov

Contact Phone

(801)763-3000

Notice Posting Details

Notice Posted On

July 01, 2020 12:09 PM

Notice Last Edited On

July 01, 2020 12:09 PM

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