General Information

Government Type

Municipality

Entity

Sandy

Public Body

Redevelopment Agency

Notice Information

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Notice Title

Intent to Enter into the State Infrastructure Loan (SIB) Agreement

Notice Tags

Business

Notice Type(s)

Notice

Event Start Date & Time

February 21, 2023 06:00 PM

Description/Agenda

NOTICE OF INTENT TO ENTER INTO THE STATE INFRASTRUCTURE LOAN AGREEMENTNOTICE IS HEREBY GIVEN pursuant to the provisions of the Local Government Bond Act, Title 11, Chapter 14, Part 3, Utah Code Annotated 1953, as amended, and Title 72, Chapter 2, Part 2, Utah Code Annotated 1953, as amended, that on February 21, 2023, the City Council (the 'Council') of Sandy City, Utah (the 'City'), adopted a resolution (the 'Resolution') authorizing the City to enter into the State Infrastructure Loan Agreement (to be finalized with title designation as may be determined by the City) (the 'State Infrastructure Bank Loan'). PURPOSE FOR ISSUING THE STATE INFRASTRUCTURE BANK LOAN The State Infrastructure Bank Loan will be issued for the purpose of (a) funding a parking structure related to the development of The Gardner Development Project, located at 10066 South Monroe Street, Sandy, Utah (the 'Parking Structure'), and (b) paying costs associated with the issuance of the State Infrastructure Bank Loan. REVENUES PROPOSED TO BE PLEDGED The State Infrastructure Bank Loan shall constitute a special limited obligation of the City and, except as otherwise provided in the herein referenced State Infrastructure Bank Loan Agreement, is secured by an irrevocable pledge of, and shall be payable as to principal, premium, if any, and interest solely from certain County of the First Class Highway Projects Fund revenues, as described in 72-2-121, Utah Code Annotated 1953, as amended. PARAMETERS OF THE STATE INFRASTRUCTURE BANK LOAN The City intends to issue State Infrastructure Bank Loan in the aggregate principal amount of Five Million Three-Hundred Thousand Dollars ($5,300,000), to mature within fifteen (15) years from their date or dates, to be sold at a price not less than one-hundred (100%) of the total principal amount thereof, and to bear interest at a net effective rate of three and a quarter percent (3.25%) per annum. The State Infrastructure Bank Loan is to be issued pursuant this Resolution and the State Infrastructure Bank Loan Agreement, which were before the Council and attached to the Resolution in substantially final form at the time of the adoption of the Resolution, and shall be approved by the authorized officers; provided that the principal amount, interest rate or rates, maturity, and discount from par of the State Infrastructure Bank Loan shall not exceed the maximums set forth above. A copy of the Resolution and State Infrastructure Bank Loan Agreement are on file in the office of the City, at 10000 Centennial Parkway, Sandy, Utah, where they may be examined during regular business hours of the City, Monday through Friday from 8:00 a.m. to 5:00 p.m., 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 and the State Infrastructure Bank Loan Agreement, or the Loan, or any provision made for the security and payment of the Loan, 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.

Notice of Special Accommodations (ADA)

NA

Notice of Electronic or Telephone Participation

NA

Meeting Information

Meeting Location

10000 South Centennial Parkway
Sandy, UT 84070
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Contact Name

Carlton Christensen

Contact Email

cchristensen@sandy.utah.gov

Notice Posting Details

Notice Posted On

February 22, 2023 03:13 PM

Notice Last Edited On

February 22, 2023 03:13 PM

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