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 October 18, 2022, the City Council (the 'Council') of Farmington City, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Water Revenue Bonds, Series 2022 (the 'Series 2022 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).
TIME, PLACE, LOCATION AND PURPOSE OF PUBLIC HEARING
The Issuer shall hold a public hearing on November 15, 2022, at the hour of 7:00 p.m. in the Issuer's offices at 160 South Main Street, Farmington, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Series 2022 Bonds and (b) any potential economic impact that the Series 2022 Project described herein 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 all or a portion of the costs of improvements to the Issuer's water system (the 'System') (collectively, the 'Series 2022 Project') and (b) paying costs of issuance of the Series 2022 Bonds
PARAMETERS OF THE SERIES 2022 BONDS
The Issuer intends to issue the Series 2022 Bonds in the aggregate principal amount of not more than Seven Million Five Hundred Thousand Dollars ($7,500,000), to mature in not more than twenty-one (21) 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 five and one-half percent (5.50%) per annum. The Series 2022 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 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 Series 2022 Bonds will not exceed the maximums set forth above.
REVENUES PROPOSED TO BE PLEDGED
The Series 2022 Bonds are special limited obligations of the Issuer payable from the net revenues of the System (the 'Revenues').
OUTSTANDING BONDS SECURED BY PLEDGED REVENUES
The Issuer currently has no 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/searchreports/s/. For additional information more recent than the date of the Financial Report, please contact Greg Davis, Finance Director at (801) 451-2383.
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 Series 2022 Bonds, if held until maturity, is $11,361,799.
A copy of the Resolution and a form of the Master Resolution are on file in the office of the Farmington City Recorder, 160 South Main Street, Farmington, 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 (i) any person in interest shall have the right to contest the legality of the Resolution, the Master Resolution, or the Series 2022 Bonds, or any provision made for the security and payment of the Series 2022 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 and (ii) registered voters within Farmington City, Utah may sign a written petition requesting an election to authorize the issuance of the Series 2022 Bonds. If written petitions which have been signed by at least 20% of the registered voters of Farmington City, Utah are filed with the Issuer during said 30-day period, the Issuer shall be required to hold an election to obtain voter authorization prior to the issuance of the Series 2022 Bonds. If fewer than 20% of the registered voters of Farmington City, Utah file a written petition during said 30-day period, the Issuer may proceed to issue the Series 2022 Bonds without an election.
DATED this October 18, 2022.
/s/ DeAnn Carlile
City Recorder
Notice of Special Accommodations (ADA)
In compliance with the Americans with Disabilities Act, individuals needing special accommodations (including auxiliary communicative aids and services) during this meeting, should notify DeAnn Carlile, City Recorder, 451-2383, at least 24 hours prior to the meeting.