General Information

Government Type

Municipality

Entity

Sandy

Public Body

Redevelopment Agency

Notice Information

Add Notice to Calendar

Notice Title

Sandy City Notice of Interlocal Agreement and Bonds to be Issued

Notice Tags

Business

Notice Type(s)

Notice

Event Start Date & Time

October 20, 2021 05:15 PM

Description/Agenda

NOTICE OF INTERLOCAL AGREEMENT AND BONDS TO BE ISSUED NOTICE IS HEREBY GIVEN pursuant to the provisions of the Limited Purpose Local Government Entities Community Reinvestment Agency Act, Title 17C, Utah Code Annotated 1953, as amended and the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended, that on October 19, 2021, the Board of Directors (the 'Board') of the Redevelopment Agency of Sandy City, Utah (the 'Agency') adopted a resolution (the 'Resolution') authorizing the issuance and sale of the Agency's Transient Room Tax and Sales Tax Revenue Refunding Bonds, Series 2021 (to be issued in one or more series from time to time and with such other series or title designation as may be determined by the Agency) (the 'Bonds'). PURPOSE FOR ISSUING THE BONDS The Bonds will be issued for the purpose of (a) refunding outstanding bonds or other obligations (the 'Refunded Bonds') related to the Agency's 9400 South Community Development Project Area, (b) funding a debt service revenue fund, if necessary, and (c) paying costs associated with the issuance of the Bonds. REVENUES PROPOSED TO BE PLEDGED The Bonds shall constitute special limited obligations of the Issuer and, except as otherwise provided in the herein referenced Indenture, are secured by an irrevocable pledge of, and shall be payable as to principal, premium, if any, and interest solely from transient room tax revenues received by the Agency (the 'TRT Revenues') and sales tax revenues received from and pledged by Sandy City, Utah. INTERLOCAL AGREEMENT The Agency and Sandy City, Utah (the 'City') have approved a Sales Tax Interlocal Pledge and Loan Agreement (the 'Interlocal Agreement'). The Interlocal Agreement provides that the City will loan the Agency local sales and use tax revenues to the extent debt service on the Bonds exceed available TRT Revenues and other amounts available to the Agency, plus any additional payment obligations of the Agency, under the Indenture (defined herein), including the obligation to replenish any reserve funds or to deposit amounts to any reserve instrument fund thereunder, if necessary. The term of the Interlocal Agreement shall commence upon the issuance of the Bonds and unless amended, shall terminate 50 years from such date. PARAMETERS OF THE BONDS The Agency intends to issue its Bonds in the aggregate principal amount of not more than Eighteen Million Dollars ($18,000,000), to mature in not more than seven (7) 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 to bear interest at a net effective rate of not to exceed five percent (5.0%) per annum. The Bonds are to be issued and sold by the Agency pursuant to the Resolution, including as part of said Resolution, a General Indenture of Trust and a Supplemental Indenture (collectively, the 'Indenture') which were before the Board and attached to the Resolution in substantially final form at the time of the adoption of the Resolution, and said Indenture is to be executed by the Board in such form and with such changes thereto as shall be approved by the authorized officers; provided that the principal amount, interest rate or rates, maturity, and discount from par of the Bonds shall not exceed the maximums set forth above. A copy of the Resolution, Interlocal Agreement and the Indenture are on file in the office of the Agency, at 10000 Centennial Parkway, Sandy, Utah, where they may be examined during regular business hours of the Agency, Monday through Friday from 8:00 a.m. to 5:00 p.m., 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, the Interlocal Agreement or the Bonds, or any provision made for the security and payment of the 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 19, 2021. REDEVELOPMENT AGENCY OF SANDY CITY, UTAH /s/ Alison Stroud Chair

Notice of Special Accommodations (ADA)

In compliance with the Americans with Disabilities Act, reasonable accommodations for individuals with disabilities will be provided upon request. For assistance please call (801) 568-7141.

Notice of Electronic or Telephone Participation

Residents wishing to attend the meeting may access the October 19, 2021 meeting agenda at https://sandyutah.legistar.com/Calendar.aspx to obtain the Zoom Webinar link or for information regarding in-person attendance.

Meeting Information

Meeting Location

10000 South Centennial Pkwy
Sandy, UT 84070
Show in Apple Maps Show in Google Maps

Contact Name

Carlton Christensen

Contact Email

cchristensen@sandy.utah.gov

Notice Posting Details

Notice Posted On

October 20, 2021 04:29 PM

Notice Last Edited On

May 10, 2022 09:34 AM

Subscribe by Email

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