General Information

Government Type

Municipality

Entity

American Fork

Public Body

Redevelopment Agency

Notice Information

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Notice Title

Notice of Public Hearing and Bonds to be Issued

Notice Tags

Bonds

Notice Type(s)

Notice, Hearing

Event Start Date & Time

June 14, 2022 07:00 PM

Description/Agenda

NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED PUBLIC NOTICE IS HEREBY GIVEN that on May 24, 2022, the Board (the 'Board') of Redevelopment Agency of American Fork City, Utah (the 'Issuer') adopted a resolution (the 'Resolution') declaring its intention to issue Sales Tax Revenue and Tax Increment Revenue Bonds, Series 2022 (the 'Bonds') pursuant to the Utah Limited Purpose Local Government Entities- Community Reinvestment Agency Act, Title 17C, Utah Code Annotated 1953, as amended, and the Utah Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended, and to call a public hearing in conjunction with the City Council of American Fork City, Utah (the 'City') to receive input from the public with respect to the issuance of the Series 2022 Bonds. TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer and the City shall hold a public hearing on June 14, 2022, at the hour of 7:00 p.m., or as soon thereafter as feasible. The location of the public hearing is at the City's and Issuer's regular meeting place at 31 North Church Street, American Fork, Utah 84003. The purpose of the meeting is to receive input from the public with respect to the issuance of the Series 2022 Bonds. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING BONDS The Issuer intends to issue the Series 2022 Bonds for the purpose of financing all or a portion of the costs of (i) acquiring and construction of improvements related to the Patriot Station Project Area, including upgrading 200 South by widening the road, adding intersection signals, upgrading utilities and related improvements, (ii) funding a deposit to a debt service reserve fund, if desirable, and (iii) paying the costs to be incurred in connection with the issuance and sale of the Series 2022 Bonds. PARAMETERS OF THE SERIES 2022 BONDS The Issuer intends to issue the Series 2022 Bonds in the principal amount of not to exceed $30,000,000, to bear interest at a rate or rates of not to exceed 5.50% per annum, to mature in not more than 25 years from their date or dates, and to be sold at a price not less than 97% of the total principal amount thereof, plus accrued interest to the date of delivery. REVENUES PROPOSED TO BE PLEDGED The Issuer proposes to pledge all or any portion of the revenues produced by tax increment available to the Project, and sale tax revenues from an agreement with the City of American Fork collected by the Issuer and legally permitted to be used for the Project (which pledge of sales taxes may be on a subordinated basis) (the 'Revenues') including, but not limited to, (1) the Local Sales and Use Tax Funds received by Issuer pursuant to an agreement with the City pursuant to Title 59, Chapter 12, Part 2, Utah Code Annotated 1953, as amended, (which may be a subordinated pledge) and (2) the Tax Increment Revenues received by the Issuer pursuant to Title 17C, Utah Code Annotated 1953, as amended, available for repayment of the Series 2022 Bonds. The Series 2022 Bonds are to be issued and sold by the Issuer pursuant to the Resolution (including as part thereof the draft of a Final Bond Resolution, a General Indenture of Trust and a Supplemental Indenture of Trust which were before the Board and attached to the Resolution in substantially final form at the time of the adoption of the Resolution) and the Final Bond Resolution to be adopted by the Board, and a General Indenture of Trust and a Supplemental Indenture of Trust to be adopted by a Pricing Committee of the Issuer in such form and with such changes thereto as shall be approved by the Board for the Final Bond Resolution and approved by the Pricing Committee for the Indenture and related documents upon the adoption thereof; provided that the principal amount, interest rate or rates, maturity and discount of the Series 2022 Bonds will not exceed the maximums set forth above. Copies of the Resolution, the Final Bond Resolution, the General Indenture of Trust and the Supplemental Indenture of Trust are on file in the office of the Secretary of the Issuer located at 51 E. Main Street in American Fork, Utah, where they may be examined during regular business hours of the Secretary from 7:00 a.m. to 6:00 p.m., Monday through Thursday and 8:00 a.m. to 12:00 p.m. and 1:00 p.m. to 4:00 p.m. on Friday for a period of at least thirty (30) days from and after the last date of publication of this notice. NOTICE IS HEREBY GIVEN that a period of thirty (30) days from and after the last 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 Final Bond Resolution, the General Indenture of Trust, the Supplemental Indenture of Trust or the Series 2022 Bonds, or any provision made for the security and payment of the Series 2022 Bonds, and that after such time, other than referendum rights, no one shall have any cause of action to contest the regularity, formality or legality thereof for any cause whatsoever. Dated: May 24, 2022 /s/ Terilyn Lurker Secretary

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 Terilyn Lurker at 801-763-3000.

Notice of Electronic or Telephone Participation

NA

Meeting Information

Meeting Location

31 N. Church Street
American Fork, UT
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Contact Name

Terilyn Lurker

Contact Email

tlurker@americanfork.gov

Contact Phone

(801)763-3000

Notice Posting Details

Notice Posted On

May 26, 2022 10:57 AM

Notice Last Edited On

May 26, 2022 10:57 AM

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