General Information

Government Type

Municipality

Entity

Orem

Public Body

City Council

Notice Information

Add Notice to Calendar

Notice Title

April 22, 2021

Notice Tags

Bonds

Notice Type(s)

Notice, Hearing, Bond

Event Start Date & Time

April 22, 2021 12:00 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, and the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended (together, the 'Act'), that on January 26, 2021, the City Council (the 'Council') of the City of Orem, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Water, Sewer and Storm Sewer Revenue and Refunding Bonds, Series 2021 (the 'Series 2021 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) and called a public hearing to receive input from the public with respect to the issuance of the Series 2021 Bonds. PURPOSE, TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on April 22, 2021 at the hour of 1:00 p.m. in the City Attorney's Office located at 56 North State Street Orem, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Series 2021 Bonds and (b) any potential economic impact that the project to be financed with the proceeds of the Series 2021 Bonds may have on the private sector. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING THE SERIES 2021 BONDS The Series 2021 Bonds will be issued for the purpose of (a) financing improvements to the Issuer's water, sewer and storm sewer systems (collectively, the 'System') and all related improvements (collectively, the 'Project'), (b) refunding all or a portion of the Issuer's outstanding sewer revenue bonds (the 'Refunded Bonds') (c) funding any required debt service reserve fund, and (d) paying costs of issuance of the Series 2021 Bonds. REVENUES TO BE PLEDGED The Series 2021 Bonds are special limited obligations of the Issuer payable from the net revenues of the Issuer's water, sewer and storm sewer systems (collectively, the 'System'). PARAMETERS OF THE SERIES 2021 BONDS The Issuer intends to issue the Series 2021 Bonds in the aggregate principal amount of not more than Forty-Five Million Dollars ($45,000,000), to mature in not more than thirty (30) years from their date or dates, to be sold at a price not less than ninety-seven percent (97%) of the total principal amount thereof, and bearing interest at a rate or rates not to exceed five and one-half percent (5.50%) per annum. The Series 2021 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 Indenture was before the Council and in substantially final form at the time of the adoption of the Resolution and said Indenture is to be executed by the Council in such form and with such changes thereto as shall be approved by the Mayor or Mayor pro tem; provided that the principal amount, interest rate or rates, maturity, and discount of the Series 2021 Bonds will not exceed the maximums set forth above. OUTSTANDING BONDS SECURED BY REVENUES Other than the proposed Series 2021 Bonds, the Issuer currently has $18,575,000 principal amount of bonds outstanding secured by the net revenues of the System. OTHER OUTSTANDING BONDS OF THE ISSUER Information regarding all of the Issuer's outstanding bonds may be found in the Issuer's audited financial report (the 'Financial Report') at: https://reporting.auditor.utah.gov/searchreport. For additional information more recent than as of the date of the Financial Report please contact Brandon Nelson, City Finance Director at (801) 229-7010. TOTAL ESTIMATED COST Based on an estimate of the current interest rate and financing plan, the estimated total debt service cost of the Series 2021 Bonds, if held until maturity is $54,637,000. A copy of the Resolution and the Indenture are on file in the office of the Orem City Recorder, 56 North State Street, Orem, Utah, where they may be examined during regular business hours of the City Recorder from 7:30 a.m. to 5:30 p.m. Monday through Thursday and 8:00 a.m. to 5:00 p.m. 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 (only as it relates to the Series 2021 Bonds), or the Series 2021 Bonds, or any provision made for the security and payment of the Series 2021 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 April 8, 2021. /s/ JoD'Ann Bates City Recorder

Notice of Special Accommodations (ADA)

THE PUBLIC IS INVITED TO PARTICIPATE IN ALL CITY COUNCIL MEETINGS. If you need a special accommodation to participate in the City Council Meetings and Study Sessions, please call the City Recorder's Office (801-229-7298) at least 3 working days prior to the meeting.

Notice of Electronic or Telephone Participation

This meeting may be held electronically to allow a Councilmember to participate.

Meeting Information

Meeting Location

56 North State Street
Orem, UT 84057
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Notice Posting Details

Notice Posted On

April 07, 2021 10:48 AM

Notice Last Edited On

April 07, 2021 10:48 AM

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