General Information

Government Type

Municipality

Entity

St. George

Public Body

City Council

Notice Information

Add Notice to Calendar

Notice Title

Notice of Bonds to be Issued

Notice Tags

Bonds

Notice Type(s)

Notice

Event Start Date & Time

March 8, 2024 12:00 PM

Description/Agenda

NOTICE OF 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, that on March 7, 2024, the City Council (the 'Council') of the City of St. George, Utah (the 'Issuer') adopted a resolution (the 'Resolution') in which it authorized the issuance of its General Obligation Bonds, Series 2024 (to be issued in one or more series and from time to time, with any other title or series designation) (the 'Bonds'). PURPOSE FOR ISSUING THE BONDS Pursuant to the Resolution, the Bonds are to be issued for the purpose of (a) financing all or a portion of the costs of acquiring, constructing, and improving trails, parks and recreation facilities and amenities throughout the City for the purpose of connecting communities and revitalizing existing facilities (b) paying expenses reasonably incurred in connection with the issuance and sale of the Bonds. PARAMETERS OF THE BONDS The Issuer intends to issue the Bonds in the aggregate principal amount of not to exceed Twenty-Nine Million Dollars ($29,000,000), to mature in not more than twenty-five (25) years, to be sold at a price not less than ninety-seven percent (97%) of the total principal amount thereof and bearing 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, with such final terms and provisions as may be deemed appropriate by authorized officers of the Issuer, provided that said final terms shall not exceed the maximums set forth above. SECURITY PLEDGED FOR THE BONDS The Bonds are general obligations of the Issuer secured by the full faith and credit and taxing power of the Issuer. OUTSTANDING BONDS Other than the proposed Bonds, the Issuer currently has $-0- of general obligation bonds currently outstanding. OTHER OUTSTANDING BONDS OF THE ISSUER Additional information regarding the Issuer's outstanding bonds or obligations may be found in the Issuer's financial report (the 'Financial Report') at: https://reporting.auditor.utah.gov/searchreport. For additional information, including any information more recent than as of the date of the Financial Report, please contact Trevor Coombs, Administrative Services Director at (435) 627-4000. TOTAL ESTIMATED COST Based on the Issuer's current plan of finance and a current estimate of interest rates, the total principal and interest cost of the Bonds if held until maturity is $ 21,593,216.67. A copy of the Resolution is on file in the office of the City Recorder at the Issuer's offices located at 175 East 200 North, St. George, 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 date of the posting of this notice. NOTICE IS FURTHER GIVEN that a period of thirty (30) days from and after the date of the posting of this notice is provided by law during which any person in interest shall have the right to contest the legality of the Resolution 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 March 7, 2024. /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

March 08, 2024 09:34 AM

Notice Last Edited On

March 08, 2024 09:34 AM

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