General Information

Government Type

Municipality

Entity

Sigurd

Public Body

Town Council

Notice Information

Add Notice to Calendar

Notice Title

Notice of Public Hearing And Bonds To Be Issued

Notice Tags

Public Meetings

Notice Type(s)

Notice, Hearing, Bond

Event Start Date & Time

July 6, 2020 04:00 PM

Event End Date & Time

August 5, 2020 09:00 PM

Description/Agenda

NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED PUBLIC NOTICE IS HEREBY GIVEN that on July 1, 2020, the Mayor and Town Council of Sigurd Town (the 'Issuer'), adopted a resolution (the 'Resolution') declaring its intention to issue its Parity Water Revenue Bonds (the 'Bonds') pursuant to the Utah Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended and to call 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 Issuer shall hold a public hearing on August 5, 2020, at the hour of 7:00 p.m. The location of the public hearing is in the Town Office, 595 North State Street, Sigurd Town, Utah. The purpose of the meeting is to receive input from the public with respect to the issuance of the Bonds and any potential economic impact to the private sector from the construction of the Project to be funded by the Bonds. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING BONDS The Issuer intends to issue the Bonds for the purpose of (i) financing all or a portion of the cost of construction of water system improvements, including spring redevelopment, construction of a new water tank and replacement of transmission lines, together with related improvements, together with related improvements; and (ii) paying costs of issuing the Bonds. PARAMETERS OF THE BONDS The Issuer intends to issue the Bonds in the principal amount of not to exceed $2,500,000, to bear interest at a rate not to exceed 2.0% per annum, to mature in not to more than 35 years from their date or dates, and to be sold at a price not less than 100% of the total principal amount thereof, plus accrued interest to the date of delivery. The Bonds will specify that any installment of principal and/or interest on the Bonds which shall not be paid when due shall bear interest at the rate of 18% per annum from the due date thereof until paid. OUTSTANDING BONDS SECURED BY THE SAME REVENUE The Issuer currently has outstanding bonds secured by the pledge of culinary water system revenues, namely: the Parity Water Revenue Bond, Series 2010 in the original principal amount of $620,000 payable to the USDA Rural Development. ESTIMATED TOTAL COST OF THE BONDS Although the Issuer declared its intention to issue a Bond in a principal amount of up to $2,500,000 with interest at a rate not to exceed 2.0% per annum, the Issuer currently anticipates that the Bonds will be issued in the amount of $1,500,000 bearing no interest. In that case, the estimated total cost for the proposed Bonds would be $1,500,000, which would include interest of $0.00. NOTICE IS FURTHER GIVEN that a period of 30 days from and after the last date of 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 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. A copy of the Resolution is on file in the office of the Town Clerk in Sigurd Town, Utah, where it may be examined during regular business hours of the Town Clerk from 9:00 a.m. to 5:00 p.m., Monday through Friday. DATED this 1st day of July, 2020. /s/ Vickie Houston Town Clerk [Publish once each week for two consecutive weeks.]

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 the Vickie Houston at 435-896-4645 at least 24 hours prior to meeting/hearing for assistance.

Notice of Electronic or Telephone Participation

N/A

Meeting Information

Meeting Location

595 North State
SIGURD, 84657
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Contact Name

Sydnie Henrie

Contact Email

clerk2@sigurdtown.gov

Contact Phone

4358964645

Notice Posting Details

Notice Posted On

July 06, 2020 03:45 PM

Notice Last Edited On

July 06, 2020 03:45 PM

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