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Notice of Public Hearing - Water Revenue bonds

General Information

Government Type
Municipality
Entity
South Salt Lake
Public Body
City Council

Notice Information

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Notice Title
Notice of Public Hearing - Water Revenue bonds
Notice Subject(s)
Bonds , Water and Irrigation
Notice Type(s)
Notice
Event Start Date & Time
August 24, 2022 07:00 PM
Event End Date & Time
August 24, 2022 07:30 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, (the 'Act'), that on July 27, 2022, the City Council (the 'Council') of the City of South Salt Lake, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Water Revenue Bonds, Series 2022 (to be issued in one or more series and with such other series or title designation(s) as may be determined by the Issuer) (the 'Bonds') and called a public hearing to receive input from the public with respect to (a) the issuance of the Bonds and (b) any potential economic impact that the Project described herein to be financed with the proceeds of the Bonds may have on the private sector. TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on August 24, 2022, at the hour of 7:00 p.m. at 220 East Morris Avenue, Suite 200, South Salt Lake, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Bonds and (b) any potential economic impact that the Project to be financed 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 THE BONDS The Bonds will be issued for the purpose of (a) financing all or a portion of the costs of construction of improvements to the Issuer's water system (the 'System'), including the development of a new well, pump station and treatment plant and the replacement of pipes and all related improvements (collectively, the 'Project') and (b) 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 thirty-one (31) 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 not to exceed one percent (1%) per annum. The Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a Master Resolution (the 'Master Resolution') which was before the Council in substantially final form at the time of the adoption of the Resolution and said Master Resolution is to be executed by the Issuer in such form and with such changes thereto as shall be approved by the Issuer; provided that the principal amount, interest rate or rates, maturity, and discount of the Bonds will not exceed the maximums set forth above. The Issuer reserves the right to not issue the Bonds for any reason and at any time up to the issuance of the Bonds. REVENUES PROPOSED TO BE PLEDGED The Bonds are special limited obligations of the Issuer payable from the net revenues of the System (the 'Revenues'). OUTSTANDING BONDS SECURED BY REVENUES The Issuer does not have any bonds outstanding secured by the Revenues. OTHER OUTSTANDING BONDS OF THE ISSUER Additional information regarding the Issuer's outstanding bonds may be found in the Issuer's financial report (the 'Financial Report') at: https://reporting.auditor.utah.gov/searchreports/s/. For additional information, including any information more recent than as of the date of the Financial Report, please contact Crystal Makin, Finance Director (801) 412-3226. TOTAL ESTIMATED COST OF BONDS Based on the Issuer's current plan of finance and a current estimate of interest rates, the total principal and interest cost of the Bonds, if held until maturity, is $9,915,150. A copy of the Resolution and the Master Resolution are on file in the office of City Recorder, 220 East Morris Avenue, South Salt Lake, Utah where they may be examined during regular business hours of the City Recorder 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 any person in interest shall have the right to contest the legality of the Resolution, the Master Resolution 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 July 27, 2022. /s/ Ariel Andrus 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 Ariel Andrus at 483-6019, giving at least 24 hours' notice.
Notice of Electronic or Telephone Participation
Council Members may participate in the meeting via telephone communication. If a council member does participate via telephone communication, the council member will be on speaker phone. The speaker phone will be amplified so that the other council members and all other persons present in the council chambers will be able to hear all discussions.

Meeting Information

Meeting Location
220 East Morris Ave
South Salt Lake, UT 84115
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Contact Name
PBM-00005176
Contact Email
aandrus@sslc.gov
Contact Phone
(801)483-6019

Notice Posting Details

Notice Posted On
July 28, 2022 09:33 AM
Notice Last Edited On
July 28, 2022 09:33 AM

Download Attachments

File Name Category Date Added
Notice for paper-South Salt Lake Water Revenue 2022.docx Public Information Handout 2022/07/28 09:32 AM

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