General Information

Government Type

Municipality

Entity

Woods Cross

Public Body

City Council

Notice Information

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Notice Title

Public Hearing Notice-Bonds to be Issued

Notice Tags

Bonds

Notice Type(s)

Hearing

Event Start Date & Time

August 16, 2022 06:30 PM

Description/Agenda

NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED NOTICE IS HEREBY GIVEN pursuant to the provisions of the Utah Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended, that the City Council (the 'Council') of Woods Cross City, Utah (the 'Issuer'), declared its intention to issue Excise Tax Road Revenue Bonds, in one or more series (the 'Bonds') in the aggregate principal amount of not more than $3,500,000, the Bonds bearing interest at a maximum rate of five percent (5.00%) per annum, to mature in not more than ten (10) years from their date or dates, and to be sold at a price not less than 98% of the total principal amount thereof. The estimated total cost of the Issuer for the proposed Bonds, if the Bonds are held until the maximum maturity, based on the maximum interest rate above, is not more than $4,454,762. Presently, the Issuer has no outstanding bonds secured by a pledge of excise tax road revenues to be pledged for the Bonds. NOTICE IS FURTHER GIVEN that the Issuer will hold a public hearing for the purpose of inviting public comment on the proposed issuance of the Bonds and the economic impact that the improvements proposed to be financed with the Bonds will have on the private sector. The public hearing will be held on August 16, 2022 at 6:30 p.m., or as soon thereafter as feasible, at 1555 South 800 West, Woods Cross, Utah. All members of the public are invited to attend and participate. The Issuer proposes to pledge 100% of the Class B & C Road Funds received by Issuer pursuant to Sections 72-2-107 through 72-2-110, Utah Code Annotated 1953, as amended, and 100% of the Local Option Sales and Use Tax for Transportation received by the Issuer pursuant to Sections 59-12-2201 through 58-12-2220, Utah Code Annotated 1953, as amended, for repayment of the Bonds. As Excise Tax Road Revenue Bonds, no property taxes will be pledged for repayment of the Bonds. The Bonds will be issued pursuant to a Parameters Resolution and a Final Bond Resolution (the 'Final Bond Resolution') to be adopted authorizing and confirming the sale of the Bonds for the purpose to (i) finance the costs of the acquisition and construction of road improvements, and related improvements, and (ii) paying the costs of issuing the Bonds, and if desirable, (iii) funding a deposit to a debt service reserve fund. A draft of the Final Bond Resolution in substantially final form has been presented to the City Council. The Final Bond Resolution is to be adopted by the City Council in such form and with such changes thereto as shall be approved by the City Council upon the adoption thereof; provided that the principal amount, interest rate or rates, maturity and discount of the Bonds will not exceed the maximums set forth above. Copies of the Parameters Resolution and Final Bond Resolution and information on the Issuer's outstanding bonds are on file in the office of the City Recorder where they may be examined during regular business hours between 7:30 a.m. and 5:30 p.m. Monday through Thursday and from 7:30 a.m. and 11:30 am on Friday for at least 30 days from and after the date of publication of this notice. NOTICE IS FURTHER GIVEN that, for a period of thirty (30) days from and after the first date of the publication of this notice, (1) any person in interest shall have the right to contest the legality of the Parameters Resolution, the Final Bond Resolution, or the Bonds, or any provision made for the security and payment of the Bonds by filing a verified written complaint in the district court of the county in which he/she resides, 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, and (2) registered voters within the Issuer 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 20% of the registered voters of the Issuer are filed with the Issuer during that 30-day period, the Issuer will be required to hold an election to obtain voter authorization prior to the issuance of the Bonds. If fewer than 20% of the registered voters of the Issuer file a written petition during that 30-day period, other than referendum rights, the Issuer may proceed to issue the Bonds without an election. DATED this July 19, 2022. /s/ Annette Hanson 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 City Administrator @ 801-292-4421 24 hours prior to the meeting.

Notice of Electronic or Telephone Participation

This hearing will be held within the regular meeting of Wood Cross City Council. Access is available via Zoom. You may access at https://zoom.us/j/9358074960 or go to zoom.us select JOIN A MEETING Meeting ID: 935 807 4960 Please mute your microphone except during PUBLIC COMMENT/PUBLIC HEARING period.

Meeting Information

Meeting Location

1555 S 800 W
Woods Cross, UT 84087
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Contact Name

Bryce Haderlie

Contact Email

bhaderlie@woodscross.gov

Notice Posting Details

Notice Posted On

July 21, 2022 03:22 PM

Notice Last Edited On

July 21, 2022 03:22 PM

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