General Information

Government Type

Municipality

Entity

South Weber

Public Body

Local Building Authority of South Weber City, Utah

Notice Information

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Notice Title

South Weber Local Building Authority Notice of Bonds to be Issued

Notice Tags

Bonds

Notice Type(s)

Notice, Meeting, Hearing

Event Start Date & Time

July 25, 2023 06:00 PM

Description/Agenda

NOTICE IS HEREBY GIVEN pursuant to the provisions of 17D-2-502 and 17D-2-601 Utah Code Annotated 1953, as amended, that on June 27, 2023, the Board of Trustees (the 'Board') of the Local Building Authority of South Weber City, Utah (the 'Authority'), adopted a resolution (the 'Resolution') authorizing the issuance of the Authority's lease revenue refunding bonds (the 'Bonds') in the aggregate principal amount of not to exceed $10,000,000, to bear interest at an average rate of not to exceed 5.50% per annum, to mature in not more than 26 years from their date or dates and to be sold at a discount from par, expressed as a percentage of principal amount, of not to exceed 2.00%. Pursuant to the Resolution, the Series 2023 Bonds are to be issued for the purpose of raising money to (A) acquire, construct and improve a public works facility (the 'Project') on certain real property located in the City (the 'Property') and (B) pay costs relating to the issuance and sale of the Series 2023 Bonds. The Series 2023 Bonds are payable from annually-renewable lease payments from South Weber City, Utah (the 'City') and will be secured by a mortgage on the Property. The estimated total cost to the Authority for the proposed Bonds, if the Series 2023 Bonds are held until maturity and based on estimated interest rates currently in effect and the principal amount of Bonds the Authority expects to issue, is $14,839,492. The Series 2023 Bonds are to be issued and sold by the Authority pursuant to the Resolution, including as attachments to such Resolution forms of an Indenture of Trust (the 'Indenture'), a Master Lease Agreement (the 'Lease') between the Authority and the City and a Leasehold Deed of Trust, Assignment of Rents and Security Agreement (the 'Deed of Trust'). Said Indenture, Lease and Deed of Trust are to be executed and delivered by the Authority in such form and with such changes as shall be approved by the Authority together with other related bond documents; 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. Copies of the Resolution and the forms of the Indenture, the Lease, the Deed of Trust, and certain other documents pertaining to the issuance and sale of the Series 2023 Bonds are on file in the office of the Authority, which is the office of the Secretary of the Authority at 1600 East South Weber Drive, in South Weber, Utah where they may be examined during regular business hours of the Authority from 8:00 a.m. to 5:00 p.m., Monday through Friday of each week (except holidays). Such documents shall be available for inspection from and after the date of the publication of this notice until at least thirty (30) days thereafter. NOTICE IS FURTHER GIVEN that for a period of thirty (30) days from and after the date of the publication of this notice, any person in interest shall have the right to contest the legality of the Resolution or the Series 2023 Bonds, or any provision made for the security and payments of such Bonds and after such time, no one shall have any cause of action to contest the regularity, formality, or legality thereof for any cause whatsoever. NOTICE IS FURTHER GIVEN that pursuant to Section 17D-2-502, Utah Code Annotated 1953, as amended, if within 30 calendar days of the publication of this notice, a written petition requesting an election and signed by at least twenty percent (20%) of the active voters of South Weber City is filed with the Board, then the Board shall submit the question of whether or not to issue the Series 2023 Bonds to the voters of South Weber City for their approval or rejection. DATED July 6, 2023. LOCAL BUILDING AUTHORITY OF SOUTH WEBER CITY, UTAH

Notice of Special Accommodations (ADA)

In compliance with the Americans with Disabilities Act, individuals needing special accommodations during this meeting should notify the City Recorder, 1600 East South Weber Drive, South Weber, Utah 84405 (801-479-3177) at least two days prior to the meet

Notice of Electronic or Telephone Participation

www.youtube.com/c/southwebercityut

Meeting Information

Meeting Location

1600 E South Weber Drive
South Weber, UT 84405
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Contact Name

Lisa Smith

Contact Email

lsmith@southwebercity.com

Notice Posting Details

Notice Posted On

July 06, 2023 09:36 AM

Notice Last Edited On

July 06, 2023 09:36 AM

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