NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED
NOTICE IS HEREBY GIVEN pursuant to the provisions of the Local Government
Bonding Act. Title I 1, Chapter l4, Utah Code Annotated 1953. as amended (the that on
May 27, 2025, the Board of County Commissioners (the of Davis County, Utah
(the adopted a resolution (the in which it authorized the issuance of the
Sales Tax Revenue Bonds, Series 2025 (the 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 Issuer),
and called a public hearing 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 Series 2025 Project (defined
below) financed with the proceeds of the Series 2025 Bonds may have on the private sector.
TIME. PLACE AND LOCATION OF PUBLIC HEARING
The Issuer shall hold a public hearing on June 17. 2025, at the hour of 10:00 am. at 6]
South Main Street, in Farmington, Utah. 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 Series 2025 Project (defined below) 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.
PURPOSE FOR ISSUING THE SERIES 2025 BONDS
The Series 2025 Bonds will be issued for the purpose of(a) library renovations
and improvements in the county-wide library system (the 'Series 2025 Project'), (b) funding any
debt service reserve funds, as necessary, and (c) paying costs of issuance of the Series 2025 Bonds.
PARAMETERS OF THE SERIES 2025 BONDS
The Issuer intends to issue the Series 2025 Bonds in the aggregate principal amount of not
more than Six Million Two Hundred Thousand Dollars ($6,200,000), to mature in not more than
(21) 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 if the interest rate borne by the Series 2025 Bonds is fixed
and fifteen percent (15.0%) per annum if the interest rate borne by the Series 2025 Bonds is
variable. The Series 2025 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 which were before the Commission in substantially final form at
the time of the adoption of the Resolution and said 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. The Issuer reserves the right to not issue the Series 2025
Bonds for any reason and at any time up to the issuance of the Series 2025 Bonds.
Resolution #2025-0010
SALES AND USE TAXES PROPOSED TO BE PLEDGED
The Issuer proposes to pledge all of the revenues produced by the sales and use taxes levied
by the Issuer under the Local Sales and Use Tax and County Option Sales and Use Tax revenues
received by the Issuer pursuant to Title 59, Chapter 12, Parts 2 and l l, Utah Code Annotated 1953,
as amended, for the Series 2025 Bonds (the
OUTSTANDING BONDS SECURED BY PLEDGED TAXES
The Issuer currently has $55,210,000 of bonds outstanding secured by the Revenues.
OTHER OUTSTANDING BONDS OF THE ISSUER
Additional information regarding the outstanding bonds may be found in the
report (the Report') at: For
additional information, including any information more recent than as of the date of the Financial
Report, please contact the County Controller at (801) 451-3494.
TOTAL ESTIMATED COST OF BONDS
Based on the 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 Act to the
Series 2025 Project, if held until maturity, is $9,301,822.
A copy of the Resolution and the Indenture are on file in the of the Davis County
Controller, 6| South Main Street, Farmington, Utah, where they may be examined during regular
business hours of the County Controller from 8:00 am. to 5:00 pm. 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 (as it pertains 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.
DATED this May 27, 2025.
/s/ Brian McKenzie
County Clerk
Notice of Special Accommodations (ADA)
Pursuant to the Americans with Disability Act, individuals needing special accommodations during this meeting should notify the Davis County Commission Office at 801-451-3200 prior to the meeting.
Notice of Electronic or Telephone Participation
Electronic Participation: Pursuant to UCA 52-4-207, electronic and telephone participation is available to this body's members and invited guests but not available to the general public.