General Information

Government Type

Municipality

Entity

West Valley City

Public Body

City Council

Notice Information

Add Notice to Calendar

Notice Title

Road Revenue Bonds 2021

Notice Tags

Official Notices, Public Meetings

Notice Type(s)

Notice, Meeting, Hearing, Bond

Event Start Date & Time

September 7, 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 Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended (the 'Act'), that on August 17, 2021, the City Council (the 'Council') of West Valley City, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Road 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 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 September 7, 2021, at the hour of 6:30 p.m. at 3600 South Constitution Blvd., West Valley City, Utah. The purpose of the hearing is 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 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) financing improvements to certain roads within the Issuer and all related improvements (collectively, the '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 Fifteen Million Five Hundred Thousand Dollars ($15,500,000), to mature in not more than sixteen (16) 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 First 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 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 TO BE PLEDGED The Issuer proposes to pledge all or any portion of the revenues received by the Issuer from the County of the First Class Highway Projects Fund pursuant to Section 72-2-121, Utah Code Annotated 1953, as amended (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 please contact Jim Welch, at (801) 966-3600. 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 Project, if held until maturity, is $16,500,000. A copy of the Resolution and the Indenture are on file in the office of West Valley City Recorder, 3600 Constitution Blvd., West Valley City, Utah, where they may be examined during regular business hours of the City Recorder from 7:00 a.m. to 6:00 p.m., Monday through Thursday 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. DATED this August 17, 2021. /s/Nichole Camac City Recorder

Notice of Special Accommodations (ADA)

West Valley City does not discriminate on the basis of race, color, national origin, gender, religion, age or disability in employment or the provision of services. If you are planning to attend this public meeting and, due to a disability, need assistance in understanding or participating in the meeting, please notify the City eight or more hours in advance of the meeting and we will try to provide whatever assistance may be required. The person to contact for assistance is Nichole Camac.

Notice of Electronic or Telephone Participation

NA

Meeting Information

Meeting Location

3600 S Constitution Blvd
West Valley City, UT 84119
Show in Apple Maps Show in Google Maps

Contact Name

Nichole Camac

Contact Email

nichole.camac@wvc-ut.gov

Contact Phone

(801)963-3203

Notice Posting Details

Notice Posted On

August 18, 2021 02:35 PM

Notice Last Edited On

August 18, 2021 02:35 PM

Subscribe by Email

Subscription options will send you alerts regarding future notices posted by this Body.