General Information

Government Type

Municipality

Entity

Wellsville

Public Body

Public Record

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

June 5, 2024 06:10 PM

Event End Date & Time

June 5, 2024 08:00 PM

Description/Agenda

NOTICE OF BONDS TO BE ISSUED NOTICE IS HEREBY GIVEN pursuant to the provisions of Sections 11-14-316 of the Utah Code Annotated 1953, as amended, that on June 5, 2024, the City Council of the City of Wellsville, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized and approved the issuance of the Issuer's water revenue bonds in one or more series (the 'Bonds') in an aggregate principal amount of not to exceed $4,000,000, to mature in not more than 21 years from their date or dates, to bear interest at a rate or rates not to exceed 2.40% per annum, and to be sold at a discount from par of not to exceed 2.00%. The Bonds are to be issued and sold by the Issuer pursuant to (1) the Resolution, (2) a Master Indenture (the 'Master Indenture'), and (3) a Supplemental Indenture (the 'Supplemental Indenture'), supplementing the Master Indenture. The Bonds are to be issued for the purpose of (1) financing a portion of the costs of improvements to the Issuer's water system (the 'System'), including drilling a new well and constructing a new well house, a pump line to an existing reservoir, and a flushing/drain line for the well (collectively, the 'Project') and (2) paying the costs incurred in connection with the issuance and sale of the Bonds, all as set forth in the Resolution, the Master Indenture and the Supplemental Indenture. The Bonds will be payable from and secured by the revenues of the System (the 'Revenues') and certain other funds, as more particularly described in the Master Indenture. The Issuer currently does not have any bonds outstanding that are secured by the Revenues. The estimated total cost to the Issuer for the proposed Bonds, if the Bonds are held until maturity and based on estimated interest rates currently in effect, is $4,048,006. A copy of the Resolution (including drafts of the Master Indenture and Supplemental Indenture) is on file in the office of the Issuer, located at 75 East Main, in Wellsville, Utah, where it may be examined during regular business hours of the Issuer from 8:00 A.M. to 5:00 P.M. Said Resolution (including drafts of the Master Indenture and Supplemental Indenture) will be so available for inspection for a period of at least thirty (30) days from and after the date of the publication of this notice. NOTICE IS FURTHER GIVEN that pursuant to law for a period of thirty days from and after the date of the publication of this notice, any person in interest shall have the right to contest the legality of the above-described Resolution (including the Master Indenture and the Supplemental Indenture) of the City Council of the City of Wellsville, Utah, or the Bonds or any provisions 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. DATED June 5, 2024. CITY OF WELLSVILLE, UTAH

Notice of Special Accommodations (ADA)

NA

Notice of Electronic or Telephone Participation

NA

Meeting Information

Meeting Location

75 East Main
Wellsville, UT 84339
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Contact Name

Laurie Christensen

Contact Email

wellsvillecourt@comcast.net

Notice Posting Details

Notice Posted On

June 14, 2024 11:58 AM

Notice Last Edited On

June 14, 2024 11:58 AM

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