General Information

Government Type

Municipality

Entity

Midvale

Public Body

City Council

Notice Information

Add Notice to Calendar

Notice Title

Notice of Public Hearing and Bonds to be Issued

Notice Tags

Bonds

Notice Type(s)

Notice

Event Start Date & Time

April 16, 2025 11:50 AM

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 April 15, 2025, the City Council (the 'Council') of Midvale City, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') authorizing the issuance of the Issuer's Sales and Franchise Tax Revenue Bonds, Series 2025 (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 Bonds. PURPOSE, TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on May 20, 2025, at the hour of 7:00 p.m. at Midvale City Hall, 7505 South Holden Street, Midvale, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Bonds and (b) any potential economic impact that the project to be financed with the proceeds of the Bonds may have on the private sector. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING THE BONDS The Bonds will be issued for the purpose of (a) financing the purchase of existing park property, construction and upgrade of infrastructure on certain roadways, including the construction of a linear park (collectively, the 'Project'), (b) funding any required deposit to a debt service reserve fund, and (c) paying costs of issuance with respect to the Bonds. PARAMETERS OF THE BONDS The Issuer intends to issue the Bonds in the aggregate principal amount of not more than Fifty-Five Million Dollars ($55,000,000), to mature in not more than thirty-five (35) years from their date or dates, to be sold at a price of not less than ninety-six percent (96%) of the total principal amount thereof, and to bear interest at a rate or rates not to exceed seven percent (7.0%) 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 Bonds are special, limited obligations of the Issuer payable from all or any portion of the revenues produced by sales taxes, municipal energy taxes and municipal telecommunications license taxes collected by the Issuer and legally permitted to be used for the Project (the 'Revenues'). OUTSTANDING BONDS SECURED BY REVENUES The Issuer currently has $5,230,000 of bonds outstanding secured by the sales taxes which are a part the Revenues. The Issuer also has payment obligations payable from the sales taxes which are a part of the Revenues under sales tax pledge agreements with the Issuer's 4921-1658-6039, v. 1 Redevelopment Agency (the 'Agency'), to secure, in part, the Agency's tax increment and sales tax revenue bonds which are outstanding in the amount of $19,635,000. 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/searchreport/s/. For additional information, including any information more recent than as of the date of the Financial Report, please contact, Mariah Hill, Administrative Services Director at 801-567-7206. TOTAL ESTIMATED COST OF BONDS Based on an estimate of the current interest rate and financing plan, the estimated total debt service cost of the Bonds, if held until maturity is $78,525,000. A copy of the Resolution and the Indenture are on file at 7505 Holden Street, Midvale City Utah, where they may be examined during regular business hours from 8:00 a.m. to 6:00 p.m. Monday through Thursday, 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 (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 April 15, 2025. /s/ Rori Andreason City Recorder

Notice of Special Accommodations (ADA)

In accordance with the Americans with Disabilities Act, Midvale City will make reasonable accommodations for participation in the meeting. Request assistance by contacting the City Recorder at 801-567-7207, providing at least three (3) working days advance notice of the meeting.

Notice of Electronic or Telephone Participation

Council Members may participate in the meeting via electronic communications. Council Members' participation via electronic communication will be broadcast and amplified so other Council Members and all other persons present in the Council Chambers will be able to hear or see the communication.

Meeting Information

Meeting Location

7505 South Holden Street
Midvale, UT 84047
Show in Apple Maps Show in Google Maps

Contact Name

Rori L. Andreason

Contact Email

randreason@whitecity.utah.gov

Contact Phone

(801)834-2577

Notice Posting Details

Notice Posted On

April 16, 2025 11:47 AM

Notice Last Edited On

April 16, 2025 11:47 AM

Subscribe by Email

Subscription options will send you alerts regarding future notices posted by this Body.