General Information

Government Type

Municipality

Entity

Kaysville

Public Body

City Council

Notice Information

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Notice Title

Notice of Bonds to be Issued

Notice Tags

Bonds

Notice Type(s)

Notice, Bond

Event Start Date & Time

August 6, 2020 05:00 PM

Event End Date & Time

September 6, 2020 05:00 PM

Description/Agenda

NOTICE OF 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 August 6, 2020, the City Council (the 'Council') of Kaysville City, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') authorizing the issuance of the Issuer's Telecommunications, Sales and Franchise Tax Revenue Bonds, Series 2020 (the 'Bonds') (to be issued in one or more series and with such other series or title designation(s) as may be determined by the Issuer). 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 a municipal fiber network and all related improvements and equipment (the 'Project'), (b) funding any debt service reserve funds, if necessary, (c) providing for capitalized interest with respect to the Series 2020 Bonds, if necessary, and (d) 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-two million dollars ($22,000,000), to mature in not more than thirty (30) 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 (5.0%) per annum and with a true interest cost not to exceed three and one-half percent (3.50%). 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 (previously entered into) and a Supplemental Indenture (together, the 'Indenture') which were before the Council 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. SALES AND USE TAXES PROPOSED TO BE PLEDGED The Issuer proposes to pledge the revenues generated from the imposition and collection of a broadband infrastructure fee generated from the Project, as well as up to 50% of the debt service on the Bonds from the Local Sales and Use Tax revenues and up to 100% of the revenues from the franchise tax, commonly known as the Municipal Energy Sales and Use Tax, received by the Issuer pursuant to Title 59, Chapter 12, Part 2 and Title 10, Chapter 1, Part 3, Utah Code Annotated 1953, as amended, respectively, to the payment of the Bonds. OUTSTANDING BONDS SECURED BY PLEDGED TAXES The Issuer currently has $970,000 of bonds outstanding secured by all or a portion of the Sales and Use Tax and $-0- of bonds outstanding secured by all or a portion of the franchise tax commonly known as the Municipal Energy Sales and Use Tax. 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: http://secure.utah.gov/auditor-search/. For additional information, including any information more recent than as of the date of the Financial Report, please contact Dean Storey, Finance Director at (801) 546-1235. 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 if held until maturity, is $32,601,338. A copy of the Resolution and the Indenture are on file in the office of the Kaysville City Recorder, 23 East Center Street, Kaysville, Utah, where they may be examined during regular business hours of the City Recorder from 8:00 a.m. to 5:00 p.m. Monday through 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 (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), 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 Kaysville City, 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 Kaysville City, 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 Kaysville City, Utah file a written petition during said 30-day period, the Issuer may proceed to issue the Bonds without an election. DATED this August 6, 2020. /s/ Annemarie Plaizier City Recorder

Notice of Special Accommodations (ADA)

Kaysville City is dedicated to a policy of non-discrimination in admission to, access to, or operations of its programs, services or activities. If you need special assistance due to a disability, please contact the Kaysville City Offices at 801-546-1235.

Notice of Electronic or Telephone Participation

N/A

Meeting Information

Meeting Location

23 East Center Street
Kaysville, 84037
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Contact Name

Annemarie Plaizier

Contact Email

aplaizier@kaysville.gov

Notice Posting Details

Notice Posted On

August 07, 2020 11:46 AM

Notice Last Edited On

August 07, 2020 11:46 AM

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