General Information

Government Type

Municipality

Entity

Midvale

Public Body

City Council

Notice Information

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Notice Title

NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED

Notice Tags

Bonds

Notice Type(s)

Notice, Hearing

Event Start Date & Time

July 18, 2023 07:00 PM

Event End Date & Time

July 18, 2023 10:00 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 June 20, 2023, the City Council (the 'Council') of Midvale City, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Water, Sewer and Storm Water Revenue Bonds, Series 2023 (the 'Series 2023 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), and called a public hearing to receive input from the public with respect to (a)the issuance of that portion of the Series 2023 Bonds issued under the Act and (b)any potential economic impact that the Project described herein to be financed with the proceeds of the Series 2023 Bonds issued under the Act may have on the private sector. TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on July 18, 2023, at the hour of 7:00 p.m. at Midvale City Hall, 7505 Holden Street, Midvale City, Utah. The purpose of the hearing is to receive input from the public with respect to (a)the issuance of that portion of the Series 2023 Bonds issued under the Act and (b)any potential economic impact that the Project to be financed with the proceeds of that portion of the Series 2023 Bonds issued under the Act may have on the private sector. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING THE SERIES 2023 BONDS The Series 2023 Bonds will be issued for the purpose of (a)financing water, sewer and storm water infrastructure improvements and all related improvements (collectively, the 'Project'), (b)funding a debt service reserve fund, if necessary and (c)paying costs of issuance of the Series 2023 Bonds. PARAMETERS OF THE SERIES 2023 BONDS The Issuer intends to issue the Series 2023 Bonds in the aggregate principal amount of not more than Fifteen Million Dollars ($15,000,000), to mature in not more than thirty (30) years from their date or dates, to be sold at a price not less than ninety-seven percent (97%) of the total principal amount thereof, and bearing interest at a rate or rates not to exceed six percent (6.00%) per annum. The Series 2023 Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a General Indenture of Trust and a Supplemental Indenture of Trust (collectively, the 'Indenture') which were before the City Council in substantially final form at the time of the adoption of the Resolution and said Indenture 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 2023 Bonds will not exceed the maximums set forth above. The Issuer reserves the right to not issue the Series 2023 Bonds for any reason and at any time up to the issuance of the Series 2023 Bonds. REVENUES PROPOSED TO BE PLEDGED The Series 2023 Bonds are special limited obligations of the Issuer payable from the net revenues of the water, sewer and storm water systems. OUTSTANDING BONDS SECURED BY REVENUES The Issuer currently has $17,716,000 of bonds outstanding secured by the net revenues of the System. 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/searchreport. For additional information, including any information more recent than as of the date of the Financial Report, please contact, Mariah Hill, Administrative Services Director at 801-567-7206. 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 2023 Bonds to be issued under the Act to finance the Project, if held until maturity, is $16,383,575. A copy of the Resolution and the Indenture are on file at 7505 Holden Street, Midvale City Utah, where they may be examined during regular business hours from 8:00 a.m. to 6:00 p.m. Monday through Thursday, for a period of at least thirty (30) days from and after the date of posting 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 Indenture (but only as it relates to the Series 2023 Bonds) or the Series 2023 Bonds, or any provision made for the security and payment of the Series 2023 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 June 20, 2023. /s/ Rori Andreason City Recorder

Notice of Special Accommodations (ADA)

In accordance with the Americans with Disabilities Act, Midvale City will make reasonable accommodations for participation in the meeting. Request assistance by contacting the City Recorder at 801-567-7207, providing at least three (3) working days advance notice of the meeting.

Notice of Electronic or Telephone Participation

Council Members may participate in the meeting via telephonic communication. If a Council Member does participate via telephonic communication, the Council Member will be on speakerphone. The speakerphone will be amplified so that the other Council Member

Meeting Information

Meeting Location

7505 South Holden Street
Midvale, UT 84047
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Contact Name

Rori L. Andreason

Contact Email

randreason@midvaleut.gov

Contact Phone

(801)567-7207

Notice Posting Details

Notice Posted On

June 21, 2023 01:02 PM

Notice Last Edited On

June 21, 2023 01:02 PM

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