General Information

Government Type

Municipality

Entity

Brigham City

Public Body

City Council

Notice Information

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Notice Title

Public Hearing Notice - Bonds To Be Issued

Notice Tags

Bonds

Notice Type(s)

Notice, Hearing

Event Start Date & Time

August 15, 2024 06:00 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 July 18, 2024, the City Council (the 'Council') of Brigham City, Utah (the 'City'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the City's Water, Sewer and Electric 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 City) 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 City shall hold a public hearing on August 15, 2024, at the hour of 6:00 p.m. at 20 North Main Street, Brigham City, 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 interested parties are invited to attend. PURPOSE FOR ISSUING THE SERIES 2024 BONDS The Series 2024 Bonds will be issued for the purpose of (a) financing certain improvements to the City's water, sewer, storm water, and electric system (the 'System'), (b) funding any required debt service reserve fund, (c) providing for capitalized interest with respect to the Series 2024 Bonds, and (d) paying costs of issuance of the Series 2024 Bonds. REVENUES TO BE PLEDGED The Series 2024 Bonds are special, limited obligations of the City payable from the net revenues of the System. PARAMETERS OF THE SERIES 2024 BONDS The City intends to issue the Series 2024 Bonds in the aggregate principal amount of not more than Twenty-Two Million Dollars ($22,000,000), to mature in not more than thirty (30) years from their date or dates, to be sold at a price not less than ninety-seven percent (97%) of the total principal amount thereof, and bearing interest at a rate or rates not to exceed five percent (5.00%) per annum. The Series 2024 Bonds are to be issued and sold by the City pursuant to the Resolution, including as part of said Resolution, a Master Trust Indenture 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. OUTSTANDING BONDS SECURED BY REVENUES Other than the proposed Series 2024 Bonds, the City currently has $3,030,000 principal amount of bonds outstanding secured by the net revenues of the System. OTHER OUTSTANDING BONDS OF THE CITY Information regarding all of the City's outstanding bonds may be found in the City's audited financial report (the 'Financial Report') at: https://reporting.auditor.utah.gov/searchreports/s/. For additional information more recent than as of the date of the Financial Report please contact Tom Kotter, City Finance Director at (435) 734 6622. 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 $26,840,000. A copy of the Resolution and the Indenture are on file in the office of the City Recorder, at 20 North Main Street, Brigham City, 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 posting 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 (only as it relates 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. DATED this July 18, 2024. /s/ Christina Boss, City Recorder

Notice of Special Accommodations (ADA)

Brigham City does not discriminate on the basis of race, color, national origin, sex, religion, age or disability in employment or the provision of services. If you are planning to attend this public meeting and, due to a disability, need assistance in understanding or participating in the meeting, please notify the City eight or more hours in advance of the meeting and we will try to provide whatever assistance may be required. The person to contact for assistance is Christina Boss, City Recorder, at 734-6621.

Notice of Electronic or Telephone Participation

N/A

Meeting Information

Meeting Location

20 N Main Street
Brigham City, UT 84302
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Contact Name

Kristina Rasmussen

Contact Email

krasmussen@bcutah.gov

Contact Phone

435-734-6621

Notice Posting Details

Notice Posted On

July 25, 2024 09:31 AM

Notice Last Edited On

July 25, 2024 09:31 AM

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