May 6, 2025 Notice of Public Hearing RE: Bonds to be Issued
Notice Tags
Bonds
Notice Type(s)
Notice,
Meeting,
Hearing,
Bond
Event Start Date & Time
May 6, 2025 07:00 PM
Description/Agenda
WEST POINT CITY
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 West Point City, Utah (the 'City'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the City's Sales and Franchise Tax Revenue Bonds, Series 2025 (the 'Series 2025 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 2025 Bonds.
PURPOSE, TIME, PLACE AND LOCATION OF PUBLIC HEARING
The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Series 2025 Bonds and (b) any potential economic impact that the project to be financed with the proceeds of the Series 2025 Bonds may have on the private sector. All members of the public are invited to attend and participate.
The West Point City Council will hold the public hearing on:
Tuesday, May 6, 2025 at 7:00 PM
West Point City Hall
3200 W 300 N, West Point, Utah.
PURPOSE FOR ISSUING THE SERIES 2025 BONDS
The Series 2025 Bonds will be issued for the purpose of (a) financing the acquisition, construction, equipping and furnishing of a recreation center (the 'Project'), (b) funding any required debt service reserve fund, and (c) paying costs of issuance of the Series 2025 Bonds.
REVENUES TO BE PLEDGED
The Series 2025 Bonds will be special, limited obligations of the City payable from 100% of the Local Sales and Use Tax revenues received by the City pursuant to Title 59, Chapter 12, Part 2, Utah Code Annotated 1953, as amended (the 'Sales Tax Revenues'), and 100% of the Franchise Tax revenues received by the City pursuant to Title 10, Chapter 1, Parts 3 and 4, Utah Code Annotated 1953, as amended (the 'Franchise Tax Revenues' and collectively with the Sale Tax Revenues, the 'Revenues'), to the payment of the Series 2025 Bonds.
PARAMETERS OF THE SERIES 2025 BONDS
The City intends to issue the Series 2025 Bonds in the aggregate principal amount of not more than Ten Million Dollars ($10,000,000), 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-seven percent (97%) of the total principal amount thereof, and bearing interest at a rate or rates not to exceed seven percent (7.00%) per annum. The Series 2025 Bonds are to be issued and sold by the City 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 Indenture was before the Council and in substantially final form at the time of the adoption of the Resolution.
OUTSTANDING BONDS SECURED BY REVENUES
The Issuer currently has $5,748,000 of outstanding bonds or payment obligations that are secured by the Sales Tax Revenues. The Issuer also has an outstanding payment obligation of $6,675,000, that is secured in part by Sales Tax Revenues and a portion of the Franchise Tax Revenues.
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 Ryan Harvey, Administrative Services Director at (801) 776-0970.
TOTAL ESTIMATED COST
Based on an estimate of the current interest rate and financing plan, the estimated total debt service cost of the Series 2025 Bonds, if held until maturity is $17,936,000.
INSPECTION OF DOCUMENTS
A copy of the Resolution and the Indenture are on file in the office of the West Point City Recorder, 3200 West 300 North, West Point, Utah, where they may be examined during regular business hours of the City from 7:30 a.m. to 5:30 p.m. Monday through Thursday and 7:30 a.m. to 11:30 p.m. on 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 (only as it relates to the Series 2025 Bonds), 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.
In compliance with the Americans with Disabilities Act, persons in need of special accommodations or services to participate in this meeting shall notify the City at least 24 hours in advance at 801-776-0970.
- To attend the meeting in-person at West Point City Hall:
- West Point City Hall is located at: 3200 W 300 N, West Point, UT 84015
- To view a live stream of the meeting:
- https://us02web.zoom.us/j/84032366227 or
- Connect via Telephone: Dial 1(669)900-6833 and enter Meeting ID: 840 3236 6227
I, the City Recorder of West Point City, do hereby certify that the above notice was posted on the date indicated in the following locations: 1) West Point City Hall, 2) official City website at www.westpointutah.gov, and
3) the Utah Public Notice Website at www.utah.gov/pmn.
Dated this 25th day of April, 2025 ____________________________________________________
CASEY ARNOLD, West Point City Recorder
Notice of Special Accommodations (ADA)
If you plan to attend this meeting and, due to disability, will need assistance in understanding or participating therein, please notify the City at least twenty-four(24) hours prior to the meeting and we will seek to provide assistance.