NOTICE OF BONDS TO BE ISSUED
NORTH LOGAN CITY
NOTICE IS HEREBY GIVEN pursuant to the provisions of Sections 11-14-316 of the Utah Code Annotated 1953, as amended, that on November 6, 2024, the City Council of the North Logan City, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized and approved the issuance of the Issuer's wastewater 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 31 years from their date or dates, to bear interest at a rate or rates not to exceed 2.00% 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 (the 'Project') to the Issuer's wastewater system (the 'System') 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 $4,688,242.
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 2525 North 600 East, in North Logan, 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 North Logan City, 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 November 6, 2024.
Scott Bennett, City Recorder
NORTH LOGAN CITY, UTAH
Notice of Special Accommodations (ADA)
In compliance with the Americans with Disabilities Act, individuals needing special accommodations during this meeting should notify Scott Bennett, City Recorder, at (435) 752-1310 at least three working days prior to the meeting.
Notice of Electronic or Telephone Participation
NOTICE OF POSSIBLE ELECTRONIC OR TELEPHONIC PARTICIPATION
One or more members of the North Logan City Council may participate electronically or telephonically pursuant to North Logan Resolution 20-05, UCA 52-4-202, and UCA 52-4-207.