General Information

Government Type

Municipality

Entity

St. George

Public Body

City Council

Notice Information

Add Notice to Calendar

Notice Title

NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED

Notice Tags

Other

Notice Type(s)

Notice, Hearing, Bond

Event Start Date & Time

August 3, 2023 05:00 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 July 6, 2023, the City Council (the 'Council') of the City of St. George, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') authorizing the issuance of the Issuer's Sales Tax Revenue Bonds, Series 2023 (the '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 the issuance of the Series 2023 Bonds. PURPOSE, TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on August 3, 2023, at the hour of 5:00 p.m. at 175 East 200 North, St. George, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Series 2023 Bonds and (b) any potential economic impact that the project to be financed with the proceeds of the Series 2023 Bonds 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 the acquisition and construction of a new city hall and all related improvements (collectively, the 'Project'), (b) funding a deposit to a debt service reserve fund, if necessary, and (c) paying costs of issuance of the Bonds. PARAMETERS OF THE BONDS The Issuer intends to issue the Bonds in the aggregate principal amount of not more than Ten Million Dollars ($10,000,000), to mature in not more than thirty-one (31) years from their date or dates, to be sold at a price of not less than ninety-seven percent (97%) of the total principal amount thereof, and to bear interest at a rate or rates not to exceed five and one-half percent (5.50%) per annum. The 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 (together, the 'Indenture'), which will be before the Council in substantially final form at the time of the adoption of the Resolution. EXCISE TAXES PROPOSED TO BE PLEDGED The Issuer proposes to pledge toward the payment of the Bonds all or any portion of revenues produced by the local sales and use taxes received by the Issuer. OUTSTANDING BONDS SECURED BY 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/searchreport/s/. For additional information more recent than as of the date of the Financial Report please contact Tiffany LaJoice, Finance Manager at (435) 627-4000. TOTAL ESTIMATED COST Based on an estimate of the current interest rate and financing plan, the estimated total debt service cost of the Series 2023 Bonds, if held until maturity is $17,670,490. A copy of the Resolution and the Indenture will be on file in the office of the City Recorder, 175 East 200 North, St. George, 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 any person in interest shall have the right to contest the legality of the Resolution, the Indenture (but only as it relates to the Bonds), or the Bonds, or any provision made for the security and payment of the 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 July 6, 2023. /s/Christina Fernandez City Recorder

Notice of Special Accommodations (ADA)

NA

Notice of Electronic or Telephone Participation

NA

Meeting Information

Meeting Location

175 East 200 North
St. George, UT 84770
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Contact Name

Christina Fernandez

Contact Email

christina.fernandez@sgcityutah.gov

Contact Phone

(435)627-4003

Notice Posting Details

Notice Posted On

July 07, 2023 08:16 AM

Notice Last Edited On

July 07, 2023 08:16 AM

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