General Information

Government Type

Municipality

Entity

West Valley City

Public Body

City Council

Notice Information

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Notice Title

Notice of Public Hearing and Bonds to be Issued

Notice Tags

Public Meetings

Notice Type(s)

Notice, Meeting, Hearing, Bond

Event Start Date & Time

May 17, 2022 06:30 PM

Description/Agenda

NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED PUBLIC NOTICE IS HEREBY GIVEN pursuant to the provisions of the Local Building Authority Act, Title 17D, Chapter 2, Utah Code Annotated 1953, as amended, and the Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended (together, the 'Act'), that on April 26, 2022, the Governing Board (the 'Governing Board') of the Municipal Building Authority of West Valley City, Utah (the 'Authority') adopted a resolution (the 'Resolution') declaring its intention to issue its Lease Revenue Bonds, Series 2022 (the 'Bonds'), and calling a public hearing to receive input from the public with respect to the issuance of the Bonds. TIME, PLACE AND LOCATION OF PUBLIC HEARING The Authority shall hold a public hearing on Tuesday, May 17, 2022, at the hour of 6:30 p.m. The location of the public hearing is at the City offices of West Valley City, Utah (the 'City') located at 3600 Constitution Blvd., West Valley City, Utah. The purpose of the hearing is to receive input from the public with respect to: (a) the proposed Bonds, and (b) any potential economic impact that the improvements, facility or property financed in whole or in part with the proceeds of the Bonds may have on the private sector. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING BONDS The Authority intends to issue the Bonds to provide funds to (a) finance the completion of the acquisition and construction of a facility to be used as City's justice court facility (the '2022 Project'); (b) fund capitalized interest with respect to the Bonds; (c) fund any required deposits to a debt service reserve fund; and (d) pay costs associated with the issuance of the Bonds. PARAMETERS OF THE BONDS The Authority intends to issue the Bonds in a principal amount of not to exceed Six Million Five Hundred Thousand Dollars ($6,500,000), to bear interest at a rate or rates of not to exceed five and one-half percent (5.5%) per annum, to mature in not more than thirty (30) years from their date or dates, and to be sold at a price not less than ninety-seven percent (97%) of the total principal amount thereof, plus accrued interest, if any, to the date of delivery of the Bonds. The Bonds are to be issued and sold by the Authority pursuant to the Resolution, including as attachments to said Resolution a General Indenture of Trust and a form of a Fourth Supplemental Indenture of Trust (collectively, the 'Indenture') and a Master Lease Agreement and a form of a Third Amendment to Master Lease Agreement (collectively, the 'Lease'), which were before the Governing Board at the time of the adoption of the Resolution. The Fourth Supplemental Indenture and the Third Amendment to Master Lease Agreement are to be executed by the Authority and/or the City with such terms and provisions and any changes thereto as authorized by the Resolution SECURITY FOR THE BONDS The Bonds are payable solely from the rents, revenues and other income received by the Authority from the leasing of the 2022 Project to the City on an annually renewable basis (the 'Lease Revenues'). OUTSTANDING BONDS SECURED BY LEASE REVENUES The Authority currently has $73,255,000 of bonds outstanding secured by Lease Revenues. OTHER OUTSTANDING BONDS OF THE AUTHORITY Information regarding all of the Authority's outstanding bonds may be found in the City's audited financial report (the 'Financial Report') at http://auditor.utah.gov/accountability/financial-reports-of-local-governments. For additional information, including any more recent than as of the date of the Financial Report please contact Jim Welch, at (801) 966-3600. TOTAL ESTIMATED COST Based on an estimate of the current interest rate and financing plan, the estimated total debt service cost of the Bonds, if held until maturity, is $9,442,000. A copy of the Resolution and the forms of Indenture and the Lease are on file in the City offices, located at 3600 S. Constitution Blvd., in West Valley City, Utah, where they may be examined during regular business hours from 7:00 a.m. to 6:00 p.m., Monday through Thursday (legal holidays excepted) for a period of at least thirty (30) days from and after the last 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 Fourth Supplemental Indenture, the Second Amendment to Master Lease Agreement, or the Bonds, or any provision made for the security and payment of the Bonds, and 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) active voters (as defined in Section 20A-1-102 of the Utah Code) within the City may sign a written petition requesting an election to authorize the issuance of the Bonds. If written petitions which have been signed by at least twenty percent (20%) of the active voters of the City are filed with the Authority during said 30-day period, the Authority shall be required to hold an election to obtain voter authorization prior to the issuance of the Bonds. If fewer than twenty percent (20%) of the active voters of the City file a written petition during said 30-day period, the Authority may proceed to issue the Bonds without an election. DATED this April 26, 2022. /s/ Nichole Camac Secretary-Treasurer

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
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Contact Name

Nichole Camac

Contact Email

nichole.camac@wvc-ut.gov

Contact Phone

(801)963-3203

Notice Posting Details

Notice Posted On

May 02, 2022 01:00 PM

Notice Last Edited On

May 02, 2022 01:00 PM

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