CITY OF WEST JORDAN
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 31, 2024, the City Council (the 'Council') of the City of West Jordan, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') authorizing the issuance of the Issuer's Sales Tax Revenue Bonds, Series 2024 (the '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 the issuance of the Series 2024 Bonds.
PURPOSE, TIME, PLACE AND LOCATION OF PUBLIC HEARING
The Issuer shall hold a public hearing on August 27, 2024, at the hour of 6:00 p.m. at 8000 South Redwood Road, West Jordan, 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 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 park and recreational field projects and all related improvements (collectively, the 'Project'), (b) funding a deposit to a debt service reserve fund, if necessary, and (c) paying costs of issuance of the Bonds.
PARAMETERS OF THE BONDS
The Issuer intends to issue the Bonds in the aggregate principal amount of not more than Twelve Million Dollars ($12,000,000), to mature in not more than twenty-one (21) years from their date or dates, to be sold at a price of not less than ninety-seven percent (97%) of the total principal amount thereof, and to bear 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, including as part of said Resolution a General Indenture of Trust and a Supplemental Indenture of Trust (together, the 'Indenture'), which will be before the Council in substantially final form at the time of the adoption of the Resolution.
REVENUES PROPOSED TO BE PLEDGED
The Issuer proposes to pledge toward the payment of the Bonds all or any portion of revenues produced by the local sales and use taxes received by the Issuer.
OUTSTANDING BONDS SECURED BY REVENUES
The Issuer currently has no outstanding bonds secured by the revenues.
OTHER OUTSTANDING BONDS OF THE ISSUER
Information regarding all of the Issuer's outstanding bonds may be found in the Issuer'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 Danyce Steck, Administrative Services Director at (801) 569-5000.
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 $17,401,000.
A copy of the Resolution and the Indenture will be on file in the office of the City Recorder, 8000 Redwood Road, West Jordan, 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 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 any person in interest shall have the right to contest the legality of the Resolution, the Indenture (but only as it relates to the Bonds), 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 July 31, 2024.
Notice of Special Accommodations (ADA)
In accordance with the Americans with Disabilities Act, the City of West Jordan will make reasonable accommodations for participation in the meeting. Request for assistance can be made by contacting the West Jordan City Council Office at (801) 569-5017 and providing at least three working days advance notice of the meeting. TTY 711
Notice of Electronic or Telephone Participation
One or more council members may participate electronically in this meeting using online video conferencing technology per Utah Code (ยง52-4-207) and West Jordan City Code 1-13-1-E. Participation will be broadcast and amplified so all present in the meeting will be able to hear or see the communication.
Other Information
Posted August 2, 2024
/s/ Cindy M. Quick, MMC
Council Office Clerk