General Information

Government Type

Municipality

Entity

Murray

Public Body

Municipal Building Authority of Murray City

Notice Information

Add Notice to Calendar

Notice Title

Notice of Public Hearing and Bonds to be Issued

Notice Tags

Bonds

Notice Type(s)

Notice, Hearing

Event Start Date & Time

December 6, 2023 06:30 PM

Description/Agenda

NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED PUBLIC NOTICE IS HEREBY GIVEN pursuant to the provisions of the Local Municipal Building Authority Act, Title 17D, Chapter 2, Utah Code Annotated 1953, as amended, and the Local Government Bonding Act, Title 11, Chapter 14, Utah Code, as amended (together, the 'Act'), that on November 14, 2023, the Governing Board (the 'Governing Board') of the Municipal Building Authority of Murray City, Utah (the 'Authority') adopted a resolution (the 'Resolution') declaring its intention to issue its Lease Revenue Bonds, Series 2024 (the 'Bonds'), and calling a public hearing to receive input from the public with respect to the issuance of the Bonds. TIME, PLACE AND LOCATION OF PUBLIC HEARING The Authority shall hold a public hearing on Wednesday, December 6, 2023, at the hour of 6:30 p.m. The location of the public hearing is at the City offices of Murray City, Utah (the 'City') located at 10 East 4800 South, Murray City, Utah. The purpose of the hearing is to receive input from the public with respect to: (a) the proposed Bonds, and (b) any potential economic impact that the improvements, facility or property financed in whole or in part with the proceeds of the Bonds may have on the private sector. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING BONDS The Authority intends to issue the Bonds to provide funds to (a) finance the acquisition, construction, furnishing, and equipping of, and improvements to, public works buildings and related public works site improvements (collectively, the '2024 Project'); (b) fund any required deposits to a debt service reserve fund; and (c) pay costs associated with the issuance of the Bonds. 3 PARAMETERS OF THE BONDS The Authority intends to issue the Bonds in a principal amount of not to exceed Twenty-Five Million Dollars ($25,000,000), to bear interest at a rate or rates of not to exceed six and one-half percent (6.50%) per annum, to mature in not more than twenty-six (26) years from their date or dates, and to be sold at a price not less than ninety-eight percent (98%) of the total principal amount thereof, plus accrued interest, if any, to the date of delivery of the Bonds. The Bonds are to be issued and sold by the Authority pursuant to the Resolution, including as attachments to said Resolution a form of the General Indenture of Trust dated as of November 1, 2020, as previously supplemented and as further supplemented by a Second Supplemental Indenture of Trust (collectively, the 'Indenture') and a form of Master Lease Agreement dated as of November 1, 2020 (the 'Master Lease'), as amended and supplemented by a First Amendment to Master Lease Agreement (the 'First Amendment to Master Lease' and together with the Master Lease, the 'Lease'), which were before the Governing Board at the time of the adoption of the Resolution. The Indenture and the Lease are to be executed by the Authority and/or the City with such terms and provisions and any changes thereto as authorized by the Resolution SECURITY FOR THE BONDS The Bonds are payable solely from the rents, revenues and other income received by the Authority from the leasing of the 2024 Project to the City on an annually renewable basis (the 'Lease Revenues'). OUTSTANDING BONDS SECURED BY LEASE REVENUES The Authority currently has $30,725,000 bonds outstanding secured by Lease Revenues. OTHER OUTSTANDING BONDS OF THE AUTHORITY Information regarding all of the Authority's outstanding bonds may be found in the City's audited financial report (the 'Financial Report') at http://auditor.utah.gov/accountability/financial-reports-of-local-governments. For additional information, including any more recent than as of the date of the Financial Report please contact Brenda Moore, Finance and Administration Director of the City, at (801) 264-2669. TOTAL ESTIMATED COST Based on an estimate of the current interest rate and financing plan, the estimated total debt service cost of the Bonds, if held until maturity, is $47,538,605. A copy of the Resolution and the forms of Indenture and the Lease are on file in the City offices, located at 10 East 4800 South, in Murray City, Utah, where they may be examined during regular business hours 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 last 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 (i) any person in interest shall have the right to contest the legality of the Resolution, the Indenture, the Lease, or the Bonds, or any provision made for the security and payment of the 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, and (ii) active voters (as defined in Section 20A-1-102 of the Utah Code) within the City may sign a written petition requesting an election to authorize the issuance of the Bonds. If written petitions which have been signed by at least twenty percent (20%) of the active voters of the City are filed with the Authority during said 30-day period, the Authority shall be required to hold an election to obtain voter authorization prior to the issuance of the Bonds. If fewer than twenty percent (20%) of the active voters of the City file a written petition during said 30-day period, the Authority may proceed to issue the Bonds without an election. DATED this November 14, 2023. /s/ Diane Turner Secretary-Treasurer

Notice of Special Accommodations (ADA)

Special accommodations for the hearing or visually impaired will be made upon a request to the Office of the Murray City Recorder, 801-264-2660. The City would appreciate notification two working days prior to the meeting. TDD number is 801-264-2508.

Notice of Electronic or Telephone Participation

MBA members may participate in the meeting via telephonic communication. If an MBA member does participate via telephonic communication, the MBA will be on speaker phone. The speaker phone will be amplified so that the other MBA members and all other persons present in the council chambers will be able to hear all discussions.

Meeting Information

Meeting Location

10 East 4800 South
Murray, UT 84107
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Contact Name

Jennifer Kennedy

Contact Email

jkennedy@murray.utah.gov

Contact Phone

(801)264-2622

Notice Posting Details

Notice Posted On

November 15, 2023 02:38 PM

Notice Last Edited On

November 15, 2023 02:38 PM

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