General Information

Government Type

Municipality

Entity

Spanish Fork

Public Body

Public Notice

Notice Information

Add Notice to Calendar

Notice Title

SPANISH FORK CITY NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED PUBLIC NOTICE

Notice Subject(s)

Bonds , Official Notices

Notice Type(s)

Notice, Meeting, Hearing

Event Start Date & Time

January 16, 2024 06:00 PM

Event End Date & Time

January 16, 2024 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 December 12, 2023, the City Council (the 'Council') of Spanish Fork City, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Sewer Revenue Bonds, Series 2024 (the 'Series 2024 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 2024 Bonds. PURPOSE, TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on January 16, 2024, at the hour of 6:00 p.m. at 80 S. Main Street, Spanish Fork, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Series 2024 Bonds and (b) any potential economic impact that the project to be financed with the proceeds of the Series 2024 Bonds may have on the private sector. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING THE SERIES 2024 BONDS The Series 2024 Bonds will be issued for the purpose of (a) financing the construction of improvements to the Issuer's sewer system (the 'System') and all related improvements (collectively, the 'Project'), (b) funding any required debt service reserve fund, and (c) paying costs of issuance of the Series 2024 Bonds. REVENUES TO BE PLEDGED The Series 2024 Bonds are special limited obligations of the Issuer payable from the net revenues of the Issuer's sewer system (the 'System'). PARAMETERS OF THE SERIES 2024 BONDS The Issuer intends to issue the Series 2024 Bonds in the aggregate principal amount of not more than Fifty Million Dollars ($50,000,000), to mature in not more than thirty (30) years from their date or dates, to be sold at a price not less than ninety-eight percent (98%) of the total principal amount thereof, and bearing interest at a rate or rates not to exceed six and one half percent (6.50%) per annum. The Series 2024 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 Indenture was before the Council and in substantially final form at the time of the adoption of the Resolution and said Indenture is to be executed by the Council in such form and with such changes thereto as shall be approved by the Mayor or Mayor Pro Tem; provided that the principal amount, interest rate or rates, maturity, and discount of the Series 2024 Bonds will not exceed the maximums set forth above. OUTSTANDING BONDS SECURED BY REVENUES The Issuer currently has $70,550,000 of parity bonds outstanding 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. For additional information more recent than as of the date of the Financial Report please contact Jordan Hales, Finance Director at (801) 804-4522. TOTAL ESTIMATED COST Based on an estimate of the current interest rate and financing plan, the estimated total debt service cost of the Series 2024 Bonds, if held until maturity is $77,878,590. A copy of the Resolution and the form of the Indenture are on file in the office of the Spanish Fork City Recorder, 80 S. Main Street, Spanish Fork, 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 related to the Bonds), or the Series 2024 Bonds, or any provision made for the security and payment of the Series 2024 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 January 2, 2024. /s/Tara Silver City Recorder

Notice of Special Accommodations (ADA)

SPANISH FORK CITY does not discriminate on the basis of race, color, national origin, sex, religion, age or disability in the employment or the provision of services. If you need special accommodation to participate, please contact the City Manager's Office at 804-4530.

Notice of Electronic or Telephone Participation

N/A

Other Information

council@spanishfork.org 801-804-4530 Mayor Mendenhall mayor@spanishfork.org Stacy Beck sbeck@spanishfork.org Landon Tooke ltooke@spanishfork.org Shane Marshall smarshal@spanishfork.org Kevin Oyler koyler@spanishfork.org Jesse Cardon jcardon@spanishfork.org

Meeting Information

Meeting Location

80 S Main Street
Spanish Fork, UT 84660
Show in Apple Maps Show in Google Maps

Contact Name

Tara Silver

Contact Email

tsilver@spanishfork.org

Contact Phone

(801)804-4530

Notice Posting Details

Notice Posted On

January 02, 2024 10:45 AM

Notice Last Edited On

January 09, 2024 03:06 PM

Subscribe by Email

Subscription options will send you alerts regarding future notices posted by this Body.