General Information

Government Type

County

Entity

Summit County

Entity Website

http://www.summitcounty.org

Public Body

Summit County Council

Notice Information

Add Notice to Calendar

Notice Title

Notice of Public Hearing and Bonds to be Issued

Notice Tags

County Government

Notice Type(s)

Notice, Meeting, Hearing

Event Start Date & Time

June 26, 2024 06:00 PM

Event End Date & Time

June 26, 2024 06:10 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 June 5, 2024, the County Council (the 'Council') of Summit County, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Sales Tax 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 (a) the issuance of the Series 2024 Bonds and (b) any potential economic impact that the Series 2024 Project (defined below) financed with the proceeds of the Series 2024 Bonds may have on the private sector. TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on June 26, 2024, at the hour of 6:00 p.m. at 60 North Main, in Coalville, 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 Series 2024 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 purchase of facilities for use by the Issuer (the 'Series 2024 Project'), (b) funding any debt service reserve funds, as necessary, and (c) paying costs of issuance of the Series 2024 Bonds. PARAMETERS OF THE SERIES 2024 BONDS The Issuer intends to issue the Series 2024 Bonds in the aggregate principal amount of not more than Thirty Million Dollars ($30,000,000), to mature in not more than twenty-one (21) 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 percent (6.00%) 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 were before the Council in substantially final form at the time of the adoption of the Resolution and said Indenture is to be executed by the Issuer in such form and with such changes thereto as shall be approved by the Issuer; 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. The Issuer reserves the right to not issue the Series 2024 Bonds for any reason and at any time up to the issuance of the Series 2024 Bonds. SALES AND USE TAXES PROPOSED TO BE PLEDGED The Issuer proposes to pledge all or any portion of the revenues produced by local sales and use and excise taxes levied by the Issuer and legally permitted to be used for the Series 2024 Project (the 'Revenues'). OUTSTANDING BONDS SECURED BY PLEDGED TAXES The Issuer currently has $23,090,000 of bonds outstanding secured by the Revenues. OTHER OUTSTANDING BONDS OF THE ISSUER Additional information regarding the Issuer's outstanding bonds may be found in the Issuer's financial report (the 'Financial Report') at: http://secure.utah.gov/auditor-search/. For additional information, including any information more recent than as of the date of the Financial Report, please contact Matt Leavitt, Finance Officer at (435) 336-3017. TOTAL ESTIMATED COST OF BONDS Based on the Issuer's current plan of finance and a current estimate of interest rates, the total principal and interest cost of the Series 2024 Bonds to be issued under the Act to finance the Series 2024 Project, if held until maturity, is $46,625,736. A copy of the Resolution and the Indenture are on file in the office of the Summit County Clerk, 60 North Main, Coalville, Utah, where they may be examined during regular business hours of the County Clerk 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 (i) any person in interest shall have the right to contest the legality of the Resolution, the Indenture (as it pertains to the Series 2024 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 and (ii) registered voters within Summit County, Utah may sign a written petition requesting an election to authorize the issuance of the Series 2024 Bonds. If written petitions which have been signed by at least 20% of the registered voters of Summit County, Utah are filed with the Issuer during said 30-day period, the Issuer shall be required to hold an election to obtain voter authorization prior to the issuance of the Series 2024 Bonds. If fewer than 20% of the registered voters of Summit County, Utah file a written petition during said 30-day period, the Issuer may proceed to issue the Series 2024 Bonds without an election. DATED this June 5, 2024. /s/ Evelyn Furse County Clerk

Notice of Special Accommodations (ADA)

Pursuant to the Americans with Disabilities Act, individuals needing special accommodations during this meeting should notify Annette Singleton (435) 336-3025, 615-3025, 783-4351 ext. 3025 prior to the meeting.

Notice of Electronic or Telephone Participation

To participate in Council meeting: Join Zoom webinar: https://zoom.us/j/772302472 OR To listen by phone only: Dial 1-301-715-8592, Webinar ID: 772 302 472

Meeting Information

Meeting Location

60 N. Main Street
Coalville, UT 84017
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Contact Name

Annette Singleton

Contact Email

asingleton@summitcounty.org

Contact Phone

(435)336-3025

Notice Posting Details

Notice Posted On

June 06, 2024 05:14 PM

Notice Last Edited On

June 06, 2024 05:14 PM

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