General Information

Government Type

Municipality

Entity

Pleasant Grove

Public Body

Public Hearing Notices

Notice Information

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Notice Title

Notice of Public Hearing and Bonds to be Issued

Notice Tags

Bonds

Notice Type(s)

Notice, Bond

Event Start Date & Time

May 4, 2021 05:00 PM

Event End Date & Time

May 4, 2021 08:00 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 (the 'Act'), that on April 13, 2021, the City Council (the 'Council') of Pleasant Grove City, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Excise Tax Revenue 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 (a) the issuance of that portion of the Series 2021 Bonds issued under the Act and (b) any potential economic impact that the Series 2021 Project described herein to be financed with the proceeds of the Series 2021 Bonds issued under the Act may have on the private sector. TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on May 4, 2021, at the hour of 6:00 p.m. at 108 South 100 East, Pleasant Grove, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Series 2021 Bonds issued under the Act and (b) any potential economic impact that the Series 2021 Project to be financed with the proceeds of that portion of the Series 2021 Bonds issued under the Act 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) construction of road improvements and all related improvements (the 'Series 2021 Project'), (b) funding any debt service reserve funds, as necessary, and (c) paying costs of issuance of the Series 2021 Bonds. PARAMETERS OF THE SERIES 2021 BONDS The Issuer intends to issue the Series 2021 Bonds in the aggregate principal amount of not more than Seven Million Dollars ($7,000,000), to mature in not more than eleven (11) years from their date or dates, to be sold at a price not less than ninety-eight percent (98%) of the total principal amount thereof, and bearing interest at a rate or rates not to exceed five percent (5.00%) 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 and a Supplemental Indenture (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 2021 Bonds will not exceed the maximums set forth above. The Issuer reserves the right to not issue the Series 2021 Bonds for any reason and at any time up to the issuance of the Series 2021 Bonds. REVENUES PROPOSED TO BE PLEDGED The Issuer proposes to pledge up to 100% of the excise tax revenues and Class C road funds received by the Issuer for the payment of the Bonds (the 'Revenues') OUTSTANDING BONDS SECURED BY PLEDGED TAXES The Issuer currently has no bonds outstanding secured by the Revenues. 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 Denise Roy, Finance Director 801-785-5045. 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 Series 2021 Bonds to be issued under the Act to finance the 2021 Project, if held until maturity, is $6,971,414.00. A copy of the Resolution and the Indenture are on file in the office of the Pleasant Grove City, City Recorder, 70 South 100 East, Pleasant Grove, 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 noon 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 (i) any person in interest shall have the right to contest the legality of the Resolution, the Indenture (as it pertains 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 and (ii) registered voters within Pleasant Grove City, Utah may sign a written petition requesting an election to authorize the issuance of the Series 2021 Bonds. If written petitions which have been signed by at least 20% of the registered voters of Pleasant Grove 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 Series 2021 Bonds. If fewer than 20% of the registered voters of Pleasant Grove City, Utah file a written petition during said 30-day period, the Issuer may proceed to issue the Series 2021 Bonds without an election. DATED this April 13, 2021. /s/Kathy Kresser City Recorder

Notice of Special Accommodations (ADA)

-NOTE: If you are planning to attend this public meeting and, due to disability need assistance in understanding or participating in the meeting, please notify the City Recorder, 801-785-5045, forty-eight hours in advance of the meeting and we will try to provide whatever assistance may be required.

Notice of Electronic or Telephone Participation

N/A

Meeting Information

Meeting Location

108 S 100 E
Pleasant Grove, UT 84062
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Contact Name

Wendy Thorpe

Contact Email

wthorpe@pgcity.org

Contact Phone

801-785-5045

Notice Posting Details

Notice Posted On

April 16, 2021 08:11 AM

Notice Last Edited On

April 16, 2021 08:11 AM

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