General Information

Government Type

Municipality

Entity

Salt Lake City

Public Body

Salt Lake City Council

Notice Information

Add Notice to Calendar

Notice Title

Notice of Bonds to Be Issued Public Utilities Revenue Series 2025

Notice Tags

Bonds

Notice Type(s)

Notice

Event Start Date & Time

December 20, 2024 05:00 PM

Description/Agenda

SALT LAKE CITY CORPORATION SALT LAKE CITY COUNCIL NOTICE OF 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 'Bond Act') that on November 19, 2024, the City Council (the 'Council') of Salt Lake City, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Public Utilities Revenue Bonds, Series 2025 (the 'Series 2025 Bonds') (to be issued in one or more series and with such other name, series or title designation(s) as may be determined by the Issuer). PURPOSE FOR ISSUING THE SERIES 2025 BONDS The Series 2025 Bonds will be issued for the purpose of financing water and sewer improvements to the Issuer's water, sewer, storm drain and street lighting systems (collectively, the 'System') and paying costs of issuance of the Series 2025 Bonds. REVENUES TO BE PLEDGED The Series 2025 Bonds are special limited obligations of the Issuer payable from the revenues of the System (the 'Revenues'). PARAMETERS OF THE SERIES 2025 BONDS The Issuer intends to issue the Series 2025 Bonds in the aggregate principal amount of not more than two hundred twenty-five million Dollars ($225,000,000), to mature in not more than thirty-one (31) 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 2025 Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a Master Trust Indenture (the 'Master Indenture') and a Supplemental Trust Indenture (the 'Supplemental Indenture' and collectively, the 'Indenture'), which Supplemental Indenture was before the Council in substantially final form at the time of the adoption of the Resolution and said Supplemental 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 2025 Bonds will not exceed the maximums set forth above. OUTSTANDING BONDS SECURED BY REVENUES Other than the proposed Series 2025 Bonds, the Issuer currently has $899,910,000 (includes a $348,635,000 WIFIA Loan) of bonds outstanding (the 'Outstanding Bonds') secured by the Revenues (as more fully described in the Indenture). 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: https://reporting.auditor.utah.gov/searchreports/s/. For additional information, including any information more recent than as of the date of the Financial Report, please contact Marina Scott, City Treasurer, at (801) 535-6565. TOTAL ESTIMATED COST 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 2025 Bonds to be issued under the Bond Act if held until maturity is $356,846,119. A copy of the Resolution and the Indenture can be found online at https://tinyurl.com/SLCAdoptedLegislation and in the office of the Salt Lake City Recorder, 451 South State Street, Salt Lake City, Utah, or, in the event such office is closed for any reason, at 349 South 200 East, Salt Lake City, Utah, where they may be examined during regular business hours of the City Recorder from 8:30 a.m. to 5:00 p.m. 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 Supplemental Indenture, or the Series 2025 Bonds, or any provision made for the security and payment of the Series 2025 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 November 19, 2024. SALT LAKE CITY, UTAH By /s/ Cindy Lou Trishman City Recorder

Notice of Special Accommodations (ADA)

People with disabilities may make requests for reasonable accommodation, which may include alternate formats, interpreters, and other auxiliary aids and services. Please make requests at least two business days in advance. To make a request, please contact the City Council Office at council.comments@slc.gov, 801-535-7600, or relay service 711.

Notice of Electronic or Telephone Participation

The public will be able to provide comments in-person in Room 315 of the City Hall or online through Zoom. For more information, including Zoom connection information, please visit www.slc.gov/council/agendas.

Meeting Information

Meeting Location

451 South State Street
Salt Lake City, UT 84111
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Contact Name

Salt Lake City Council Office

Contact Email

council.comments@slc.gov

Contact Phone

(801)535-7600

Notice Posting Details

Notice Posted On

November 19, 2024 09:28 PM

Notice Last Edited On

November 19, 2024 09:28 PM

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