General Information

Government Type

Municipality

Entity

Mona

Public Body

City Council

Notice Information

Add Notice to Calendar

Notice Title

Public Hearing

Notice Subject(s)

Bonds

Notice Type(s)

Hearing

Event Start Date & Time

May 11, 2021 06:30 PM

Description/Agenda

NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED NOTICE IS HEREBY GIVEN pursuant to the provisions of the Utah Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended, that on April 13, 2021, the City Council (the 'Council') of Mona City, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance and sale of the Issuer's Water Revenue Bonds (herein, the 'Bonds') in an aggregate principal amount not to exceed $1,350,000, to bear interest at a rate or rates not to exceed one percent (1.0%) per annum, to mature in not more than thirty-five (35) years from their date or dates, and to be sold at a price not less than ninety-nine percent (99%) of the total principal amount thereof. If Bonds are issued in the full amount above, and carried to maximum maturity, at the maximum interest rate, then the amount to be repaid will be approximately $1,600,560. However, the Issuer anticipates that the Bonds will not be issued in an amount in excess of $1,092,000 at an interest rate of not more than one percent (1.0%) per annum, to be repaid over thirty (30) years, in which event the amount to be repaid will be approximately $1,269,500. The Issuer has obtained a grant commitment from the State of Utah Permanent Community Impact Fund Board in the amount of $858,000 for the Project, none of which will need to be repaid. Presently, the Issuer has no more than $268,000 in outstanding bonds secured by a pledge of water revenues. No taxes will be pledged to secure the Bonds. NOTICE IS FURTHER GIVEN that the Issuer called a public hearing for the purpose of inviting public comment on the proposed issuance of the Bonds and the economic impact that the improvements proposed to be financed with the Bonds will have on the private sector. No taxes will be pledged to secure the Bonds. The public hearing will be held on May 11, 2021 at 7:30 p.m., or as soon thereafter as feasible, at the regular meeting place of the city council located at 20 West Center Street, Mona, Utah 84645. The Bonds will be issued pursuant to the Resolution and a Final Bond Resolution to be adopted authorizing and confirming the sale of the Bonds (the 'Final Bond Resolution') for the purposes to finance, in part, (i) improvements to the Issuer's water system, including a water tank, water lines, SCADA metering, etc, and related improvements (the 'Project'), and (ii) paying the costs of issuing the Bonds. A draft of the Final Bond Resolution in substantially final form was before the Council and was part of the Resolution at the time of the adoption of the Resolution by the Council (collectively, the 'Bond Resolutions'). The Final Bond Resolution is to be adopted by the Council in such form and with such changes thereto as shall be approved by the Council upon the adoption thereof; provided that the principal amount, the interest rate, maturity and discount of the Bonds will not exceed the maximums set forth above. Copies of the Bond Resolutions are on file in the office of the City Recorder of the Issuer in Mona, Utah, where they may be examined Mondays through Wednesdays from 12:00 to 5:00 p.m., and Thursdays and Fridays 9:00 a.m. to 2:00 p.m. for a period of at least thirty (30) days from and after the last date of publication of this notice. NOTICE IS FURTHER GIVEN that, for a period of thirty (30) days from and after the date of the publication of this notice, any person in interest shall have the right to contest the legality of the Bond Resolutions or the Bonds, or any provision made for the security and payment of the Bonds by filing a verified written complaint in the district court of their county of residence, and that after such 30-day period, other than referendum rights no one shall have any cause of action to contest the regularity, formality or legality thereof for any reason. DATED: April 13, 2021. /s/ ¬¬¬¬¬¬¬¬¬¬ Lyla Spencer City Recorder

Notice of Special Accommodations (ADA)

In Compliance with the Americans with Disabilities Act,individuals needing special accommodations (including auxiliary communicative aids and services) during the meeting should notify the City recorder (435-623-4913),at least 48 hours before the hearing.

Notice of Electronic or Telephone Participation

There are no electronic or telephonic particpation available.

Meeting Information

Meeting Location

20 West Center Street
Mona, UT 84645
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Contact Name

Alicia Hills

Contact Email

alicia.hills@monacity.org

Contact Phone

(435)623-4913

Notice Posting Details

Notice Posted On

April 15, 2021 02:30 PM

Notice Last Edited On

April 15, 2021 02:30 PM

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