General Information

Government Type

Municipality

Entity

Midvale

Public Body

City Council

Notice Information

Add Notice to Calendar

Notice Title

NOTICE OF BONDS TO BE ISSUED

Notice Tags

Bonds

Notice Type(s)

Notice

Event Start Date & Time

October 7, 2020 05:00 PM

Event End Date & Time

November 14, 2020 01:00 AM

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 and the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended (together, the 'Act'), that on October 6, 2020, the City Council (the 'Council') of Midvale City, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Water, Sewer & Storm Water Revenue Refunding Bonds, Series 2020 (the 'Series 2020 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 SERIES 2020 BONDS The Series 2020 Bonds will be issued for the purpose of (a) refunding all or a portion of the Issuer's outstanding (i) Water and Sewer Revenue Bonds, Series 2010A and Series 2010(B) (together, the 'Series 2010 Bonds'), (ii) Water, Sewer & Storm Water Revenue Bonds, Series 2013 (the 'Series 2013 Bonds') and (iii) Water, Sewer & Storm Water Revenue Bonds, Series 2014 (the 'Series 2014 Bonds' and collective with the Series 2010 Bonds and the Series 2013 Bonds, the 'Refunded Bonds') and (c) paying costs of issuance of the Series 2020 Bonds. PARAMETERS OF THE SERIES 2020 BONDS The Issuer intends to issue the Series 2020 Bonds in the aggregate principal amount of not more than Nine Million Dollars ($9,000,000), to mature in not more than eleven (11) years from their date or dates, to be sold at a price not less than ninety-seven percent (97%) of the total principal amount thereof, and bearing interest at a rate or rates not to exceed five percent (5.0%) per annum. The Series 2020 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, the 'Indenture') which were 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 Series 2020 Bonds will not exceed the maximums set forth above. The Issuer reserves the right to not issue the Series 2020 Bonds for any reason and at any time up to the issuance of the Series 2020 Bonds. REVENUES TO BE PLEDGED The Series 2020 Bonds are special limited obligations of the Issuer payable from the net revenues of the System. A copy of the Resolution and the Indenture are on file in the office of Midvale City Recorder, 7505 South Holden Street, Midvale, Utah, where they may be examined during regular business hours of the City Recorder from 8:00 a.m. to 6:00 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 any person in interest shall have the right to contest the legality of the Resolution, the Indenture (only as it relates to the Series 2020 Bonds), or the Series 2020 Bonds, or any provision made for the security and payment of the Series 2020 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 October 6, 2020. /s/ Rori Andreason City Recorder

Notice of Special Accommodations (ADA)

In accordance with the Americans with Disabilities Act, Midvale City will make reasonable accommodations for participation in the meeting. Request assistance by contacting the City Recorder at 801-567-7207, providing at least three (3) working days advance notice of the meeting.

Notice of Electronic or Telephone Participation

Council Members may participate in the meeting via telephonic communication. If a Council Member does participate via telephonic communication, the Council Member will be on speakerphone. The speakerphone will be amplified so that the other Council Members and all other persons present in the Council Chambers will be able to hear all discussions.

Meeting Information

Meeting Location

7505 South Holden Street
Midvale, UT 84047
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Contact Name

Rori L. Andreason

Contact Email

randreason@midvaleut.gov

Contact Phone

(801)567-7207

Notice Posting Details

Notice Posted On

October 07, 2020 05:09 PM

Notice Last Edited On

October 07, 2020 05:09 PM

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