General Information

Government Type

Municipality

Entity

Washington City

Public Body

City Council

Notice Information

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Notice Title

Public Hearing - Washington City Sales Tax Revenue and Refunding 2022

Notice Tags

Bonds, Public Meetings

Notice Type(s)

Notice, Meeting, Hearing

Event Start Date & Time

April 13, 2022 06:00 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, and the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended (together, the 'Act'), that on March 9, 2022, the City Council (the 'Council') of Washington City, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') authorizing the issuance of the Issuer's Sales Tax Revenue and Refunding Bonds, Series 2022 (the '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 the issuance of the Series 2022 Bonds. PURPOSE, TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on April 13, 2022, at the hour of 6:00 p.m. at 111 North 100 East, Washington City. The purpose of the hearing is to receive input from the public with respect to the issuance of the Series 2022 Bonds and any potential economic impact that the project to be financed with the proceeds of the Series 2022 Bonds may have on the private sector. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING THE SERIES 2022 BONDS The Series 2022 Bonds will be issued for the purpose of (a) financing the development, construction and acquisition of the Washington Wheels Park Complex and all related improvements (the 'Project'), (b) refunding all or a portion of the Issuer's outstanding Sales Tax Revenue Bonds, Series 2011 (the 'Refunded Bonds'), (c) funding a deposit to a debt service reserve fund, if necessary, and (d) paying costs of issuance of the Bonds. PARAMETERS OF THE BONDS The Issuer intends to issue the Bonds in the aggregate principal amount of not more than Ten Million Dollars ($10,000,000), to mature in not more than twenty-one (21) years from their date or dates, to be sold at a price of not less than ninety-eight percent (98%) of the total principal amount thereof, and to bear interest at a rate or rates not to exceed five percent (5.0%) per annum. The 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 Supplemental Indenture of Trust (together, the 'Indenture'), which will be before the Council in substantially final form at the time of the adoption of the Resolution. EXCISE TAXES PROPOSED TO BE PLEDGED The Issuer proposes to pledge toward the payment of the Bonds all or any portion of revenues produced by the local sales and use taxes and franchise taxes received by the Issuer. OUTSTANDING BONDS SECURED BY REVENUES The Issuer currently has $566,000 outstanding bonds secured by the revenues. OTHER OUTSTANDING BONDS OF THE ISSUER Information regarding all of the Issuer's outstanding bonds may be found in the Issuer's audited financial report (the 'Financial Report') at: https://reporting.auditor.utah.gov/searchreport. For additional information more recent than as of the date of the Financial Report please contact Jeremy Redd, City Manager at (435) 656-6310. TOTAL ESTIMATED COST Based on an estimate of the current interest rate and financing plan, the estimated total debt service cost of the Series 2022 Bonds, if held until maturity is $12,931,954.17. A copy of the Resolution and the Indenture will be on file in the office of the City Recorder, 111 North 100 East, Washington City, 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 any person in interest shall have the right to contest the legality of the Resolution, the Indenture (but only as it relates 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 March 9, 2022. /s/Tara Pentz City Recorder

Notice of Special Accommodations (ADA)

NOTICE OF SPECIAL ACCOMMODATION DURING PUBLIC MEETINGS In compliance with the Americans with Disabilities Act, individuals needing special accommodations (including auxiliary communicative aids and services) during this meeting should notify Tara Pentz at 435-656-6308.

Notice of Electronic or Telephone Participation

https://washingtoncity.org/meetings

Meeting Information

Meeting Location

111 North 100 East
Washington, UT 84780
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Contact Name

Tara Pentz

Contact Email

recorder@washingtonutah.gov

Contact Phone

(435)656-6308

Notice Posting Details

Notice Posted On

March 10, 2022 10:42 AM

Notice Last Edited On

March 10, 2022 10:45 AM

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