Notice of Special Electronic Meeting and Public Hearing regarding refunding Bonds, Series 2023
Notice Tags
Bonds
Notice Type(s)
Notice,
Hearing
Event Start Date & Time
March 10, 2023 11:00 AM
Description/Agenda
CITY OF DRAPER, UTAH
NOTICE OF SPECIAL ELECTRONIC MEETING AND PUBLIC HEARING
WITH RESPECT TO
NOT TO EXCEED $10,000,000 OF
THE CITY OF DRAPER, UTAH
SALES TAX REVENUE REFUNDING BONDS,
SERIES 2023
Notice is hereby given that on Friday, March 10, 2023, a special electronic meeting and a public hearing, as required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the 'Code'), will be held by the City of Draper, Utah (the 'Issuer') with respect to the proposed issuance by the Issuer of its bonds in one or more series, in the aggregate principal amount not to exceed $10,000,000 (the 'Bonds'). The meeting and hearing will be held electronically and commence at 11:00 a.m. or as soon thereafter as the matter can be heard. Members of the public are invited and encouraged to view and participate in the meeting and hearing. To listen and participate by phone, dial the toll-free number 1-877-230-5394, Passcode: 258-2722#.
The Bonds are expected to be issued pursuant to the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended, and the proceeds from the sale of the Bonds will be used to (a) finance the refunding of all or a part of the Issuer's outstanding sales tax revenue bonds in order to achieve a debt service savings, the proceeds of which were originally used to finance the acquisition of land and facilities for use as an aquarium and related improvements (the 'Refunding'), (b) fund a deposit to a debt service reserve fund, if necessary, and (c) pay costs of issuance of the Bonds. The Project is located at 12033 Lone Peak Parkway, Draper, Utah, and leased by the Issuer to The Living Planet, Inc. ('TLPI') and TLPI manages and operates the Project as an aquarium.
The Bonds will be special limited obligations of the City payable solely from and to the extent of the sources set forth in the Bonds and certain funds and accounts established by the transaction documents for the Bonds.
The hearing will provide a reasonable opportunity to be heard for persons wishing to express their views on the merits of the Refunding, the issuance of the Bonds, or related matters.
CITY OF DRAPER, UTAH
Dated: March 3, 2023
Notice of Special Accommodations (ADA)
In compliance with the American with Disabilities Act, any individual needing special accommodations or services during this meeting shall notify Laura Oscarson, City Recorder at (801) 576-6502 or laura.oscarson@draperutah.gov, at least 24 hours prior to the meeting.
Notice of Electronic or Telephone Participation
This meeting may be held electronically to allow a Councilmember to participate.