General Information

Government Type

County

Entity

Salt Lake County

Public Body

Council Public Notice

Notice Information

Add Notice to Calendar

Notice Title

Notice of Bonds to be Issued

Notice Tags

Bonds

Notice Type(s)

Notice

Event Start Date & Time

January 4, 2022 04:00 PM

Event End Date & Time

January 4, 2022 05:00 PM

Description/Agenda

NOTICE OF BONDS TO BE ISSUED NOTICE IS HEREBY GIVEN pursuant to the provisions of the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended (the 'Act'), that on January 4, 2022, the County Council (the 'Council') of Salt Lake County, Utah (the 'County'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the County's Sales Tax Revenue Refunding Bonds, Series 2024A (the 'Bonds') (to be issued in one or more series and with such other series or title designation(s) as may be determined by authorized officials of the County). PURPOSE FOR ISSUING THE BONDS The Bonds will be issued for the purpose of (a) refunding a portion of the County's outstanding sales tax revenue bonds (the 'Refunded Bonds') in order to achieve a debt service savings and (b) paying costs of issuance of the Bonds. PARAMETERS OF THE BONDS The County intends to issue the Bonds in the aggregate principal amount of not more than Twenty-Two Million Dollars ($22,000,000), to mature in not more than sixteen (16) years from their date or dates, to be sold at a price not less than ninety-eight percent (98%) of the total principal amount thereof, and bearing interest at a rate or rates of not to exceed five percent (5.0%) per annum (except while in default, or upon an event of taxability, in which case the rate shall not exceed twelve percent (12.0%) per annum). The Bonds are to be issued and sold by the County pursuant to the Resolution, including as part of said Resolution, a General Indenture of Trust (previously entered into) and a Supplemental Indenture of Trust (collectively, the 'Indenture') which were before the Council in substantially final form at the time of the adoption of the Resolution. SALES AND USE TAXES PROPOSED TO BE PLEDGED The County proposes to pledge all of the revenues produced by the sales and use taxes levied by the County under the County Option Sales and Use Tax Act, Title 59, Chapter 12, Part 11, Utah Code Annotated 1953, as amended, for the Bonds (the 'Revenues'). A copy of the Resolution and the Indenture are on file in the office of the County Clerk in Room N2-700 of the County Government Center, 2001 S. State Street, Salt Lake City, Utah, where they may be examined during regular business hours of the County Clerk from 8:00 a.m. to 5:00 p.m. Monday through 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 (only as it pertains to the Bonds), 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 January 4, 2022. /s/ Sherrie Swensen County Clerk

Notice of Special Accommodations (ADA)

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Notice of Electronic or Telephone Participation

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Meeting Information

Meeting Location

2001 South State Street
Suite N2-200
Salt Lake City, UT 84114
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Contact Name

Catalina Davison

Contact Email

cdavison@slco.org

Contact Phone

(385)468-7500

Notice Posting Details

Notice Posted On

January 05, 2022 11:19 AM

Notice Last Edited On

January 05, 2022 11:19 AM

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