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General Information

Government Type
Municipality
Entity
Bountiful
Public Body
City Council

Notice Information

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Notice Title
Public Notice
Notice Tags
Funding
Notice Type(s)
Notice, Meeting, Hearing
Event Start Date & Time
August 22, 2023 07:00 PM
Description/Agenda
PUBLIC NOTICE Bountiful City Notice of Public Hearings Public Notice is hereby given that the Mayor and City Council of Bountiful City will hold a public hearing on Tuesday, August 22, 2023, at Bountiful City Hall, 795 South Main Street, Bountiful, Utah during the regular Council Meeting which begins at 7:00 p.m. The public hearing is scheduled to take comments regarding a proposed interfund loan between Bountiful City's Capital Projects Fund and new Fiber Fund. Below are the specific terms of the proposed interfund loan: Date of first Loan Installment: September 4, 2023 Loan Installment Frequency: Monthly installments anticipated until revenue from Fiber subscribers is sufficient to cover operating costs and the monthly debt service escrow requirements Name of Loaning Fund: Bountiful City Capital Projects Name of Borrowing Fund: Bountiful City Fiber Fund Not-to-exceed Total Loan Amount: $5,500,000.00 Loan Term: Not-to-exceed five years from date of first loan installment with the repayment schedule as described below Repayment: Principal and interest payments will not be required until revenue from Fiber subscribers exceeds both operating costs and debt service escrow requirements. Payments will be applied first to interest and second to principal Interest Rate: Floating monthly rate. The rate will be the higher of the Public Treasurers' Investment Fund (PTIF) or the United States Treasury note of a five-year term (e.g., PTIF rate for July 2023 was 5.18%) Interest Calculation Method: Monthly Procedure for Applying Interest: Interest rate applied to outstanding principal balance and prior accrued interest Procedure for Applying Payment: Internal fund accounting procedures Other Terms and Conditions: No prepayment or early payoff penalties The public is invited and encouraged to attend this hearing. Published (8/15/2023): - Bountiful City Hall, 795 South Main, Bountiful, UT - Bountiful City website: https://www.bountifulutah.gov/ - Utah Public Notice Website: https://www.utah.gov/pmn/index.html
Notice of Special Accommodations (ADA)
Persons who are disabled as defined by the Americans With Disabilities Act may request an accommodation by contacting the Bountiful City Manager at 801.298.6140. Notification at least 24 hours prior to the meeting would be appreciated.
Notice of Electronic or Telephone Participation
NA

Meeting Information

Meeting Location
795 S MAIN ST
BOUNTIFUL, UT 84010
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Contact Name
Sophia Ward
Contact Email
sward@bountiful.gov
Contact Phone
(801)298-6140

Notice Posting Details

Notice Posted On
August 15, 2023 04:47 PM
Notice Last Edited On
August 15, 2023 04:47 PM

Board/Committee Contacts

Board/Committee Contacts
Member Email Phone
Kendalyn Harris kharris@bountiful.gov N/A
Richard Higginson rhigginson@bountiful.gov N/A
Cecilee Price-Huish cecileeph@bountiful.gov N/A
Kate Bradshaw kbradshaw@bountiful.gov N/A
Matt Murri mattmurri@bountiful.gov N/A
Beth Child bchild@bountiful.gov N/A

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