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Spanish Fork City Council Intent to Issue Debt

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General Information

Government Type
Spanish Fork
Public Body
City Council

Notice Information

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Notice Title
Spanish Fork City Council Intent to Issue Debt
Notice Subject(s)
Official Notices , Public Meetings
Notice Type(s)
Notice, Meeting, Hearing, Bond
Event Start Date & Time
March 19, 2024 06:00 PM
Event End Date & Time
March 19, 2024 10:00 PM
*There was an error in the stating the day as Thursday instead of Tuesday, but the date of March 19, 2024 stays the same. 03-07-2024 INTENT TO ISSUE DEBT AND NOTICE OF PUBLIC HEARING PUBLIC NOTICE IS HEREBY GIVEN pursuant to the provisions of the Local Government Bonding Act, Title 11, Chapter 14, Utah Code, and Title 11, Chapter 14a, Utah Code Annotated, as amended (collectively, the 'Act'), that the City Council (the 'Council') of Spanish Fork City, Utah (the 'City') may approve an administrative new debt resolution on or after March 19, 2024 (the 'Resolution'), declaring approval to issue its Sales Tax Revenue Bonds, Series 2024 (the 'Bonds'), and call a public hearing on March 19, 2024 to receive input from the public with respect to the issuance of the Bonds for a recreation project that has similarities with a project previously proposed to be funded with general obligation bonds that was rejected by the voters of Spanish Fork City (the 'City') in a general obligation bond ballot question on November 3, 2015. TIME, PLACE AND LOCATION OF PUBLIC HEARING The City shall hold a public hearing on Tuesday, March 19, 2024, at the hour of 6:00 p.m. The location of the public hearing is at the City Council Chambers located at 80 South Main Street, Spanish Fork, Utah. The purpose of the hearing is to hear public comments regarding the Resolution and the issuance of the debt and to explain to the public the reasons for the issuance of the Bonds. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING BONDS The City intends to issue the Bonds to provide funds to (i) finance all or a portion of the costs of construction of a recreation center and related improvements; (ii) fund any required deposit to a debt service reserve fund as needed; and (iii) pay costs associated with the issuance of the Bonds. PARAMETERS OF THE BONDS The City intends to issue the Bonds in a principal amount of not to exceed Sixty-Five Million Dollars ($65,000,000). TYPE OF DEBT/SECURITY FOR THE BONDS The Issuer proposes to pledge up to 100% of the (i) Local Sales and Use Tax revenues received by the Issuer pursuant to Title 59, Chapter 12, Part 2, Utah Code Annotated 1953, as amended, and (ii) the Municipal Energy Sales and Use Tax revenues received by the Issuer pursuant to Title 10, Chapter 1, Part 3, Utah Code Annotated 1953, as amended, to the payment of the Bonds (the 'Revenues'). DATED this February 6, 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. The public is invited to participate in all Spanish Fork City Council Meetings located at 40 South Main St. If you need special accommodation to participate in the meeting, please contact the City Manager's Office at 801-804-4530.
Notice of Electronic or Telephone Participation
Other Information
Executive Board Contacts 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 St
Spanish Fork, UT 84660
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Contact Name
Tara Silver
Contact Email
Contact Phone

Notice Posting Details

Notice Posted On
February 16, 2024 02:24 PM
Notice Last Edited On
March 07, 2024 04:29 PM


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