UTA NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED
General Information
- Government Type
- Special Service District
- Entity
- Utah Transit Authority
- Entity Website
- http://www.rideuta.com
- Public Body
- Board of Trustees
Notice Information
- Notice Title
- UTA NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED
- Notice Type(s)
- Notice, Hearing, Bond
- Event Start Date & Time
- June 25, 2025 09:00 AM
- Event End Date & Time
- June 25, 2025 10:00 AM
- Description/Agenda
- NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED NOTICE IS HEREBY GIVEN pursuant to the provisions of the Public Transit District Act, Title 17B, Chapter 2a, Part 8, Utah Code Annotated 1953, as amended, and the Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended, that on May 28, 2025, the Board of Trustees (the 'Board') of the Utah Transit Authority (the 'Authority') adopted a resolution (the 'Resolution') expressing its intent to issue its sales tax revenue bonds (to be issued in one or more series and with such additional series designations and titles as may be determined by the Board, the 'Bonds') and has called a public hearing to receive input from the public with respect to the issuance of the Bonds. TIME, PLACE AND LOCATION OF PUBLIC HEARING The Authority shall hold a public hearing on June 25, 2025, at the hour of 9:00 a.m. at UTA Frontline Headquarters, 669 West 200 South, in Salt Lake City, 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 BONDS The Authority intends to issue the Bonds for the purpose of (i) financing additions and improvements to the Authority's transit system and all related improvements (the 'Project'), (ii) funding a debt service reserve fund, if needed, and (iii) paying costs of issuing the Bonds. PARAMETERS OF THE BONDS The Authority intends to issue the Bonds in the aggregate principal amount of not to exceed One Hundred Twenty-Eight Million Dollars ($128,000,000) to bear interest at a rate or rates of not to exceed five and a half percent (5.5%) per annum, to mature in not more than twenty (20) years from their date or dates, and to be sold at a price of not less than ninety-eight (98%) of the total principal amount thereof. The Bonds are to be issued and sold pursuant to the Resolution, either the Amended and Restated General Indenture of Trust, dated as of September 1, 2002, as heretofore amended and supplemented (previously executed by the Authority) and a Senior Supplemental Indenture of Trust relating to the Bonds (collectively, the 'Senior Indenture') and/or the Subordinate General Indenture of Trust, dated as of July 1, 2006, as heretofore amended and supplemented (previously executed by the Authority), and a Subordinate Supplemental Indenture of Trust relating to the Bonds (collectively, the 'Subordinate Indenture' and together with the Senior Indenture, the 'Indentures'). SALES TAXES AND REVENUES TO BE PLEDGED As provided in the Indentures, the Bonds will be limited obligations of the Authority payable from the sales taxes and revenues collected for the Authority's public transit system (the 'Revenues'). OUTSTANDING BONDS SECURED BY PLEDGED TAXES Other than the proposed Bonds, the Authority currently has $1,974,156,498 of bonds outstanding (the 'Outstanding Bonds') secured by the Revenues (as more fully described in the Indentures). OTHER OUTSTANDING BONDS OF THE AUTHORITY Information regarding all of the Issuer's outstanding bonds may be found in the Issuer's audited 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 Viola Miller, Chief Financial Officer, at (801) 743-3882. TOTAL ESTIMATED COST Based on the Authority's current plan of finance and a current estimate of interest rates, the total principal and interest cost of the Bonds to be issued to finance the Project, if held until maturity, is $233,000,000. Copies of the Resolution and forms of the Indentures are on file in the principal office of the Authority at 669 West 200 South in Salt Lake City, Utah, where they may be examined during regular business hours of the Authority for a period of at least thirty (30) days from and after the last 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 (i) any person in interest shall have the right to contest the legality of the Resolution, the Indentures (only as they pertain 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 and (ii) registered voters within the boundaries of the Authority's transit district may sign a written petition requesting an election to authorize the issuance of the Bonds. If written petitions which have been signed by at least 20% of the registered voters within the boundaries of the Authority's transit district are filed with the Authority during said 30-day period, the Authority shall be required to hold an election to obtain voter authorization prior to the issuance of the Bonds. If fewer than 20% of the registered voters within the Authority's transit district file a written petition during said 30-day period, the Authority may proceed to issue the Bonds without an election. DATED this 28th day of May 2025. UTAH TRANSIT AUTHORITY
- Notice of Special Accommodations (ADA)
- Special Accommodation: Information related to this meeting is available in alternate format upon request by contacting adacompliance@rideuta.com or (801) 287-3536. Request for accommodations should be made at least two business days in advance of the scheduled meeting.
- Notice of Electronic or Telephone Participation
- - Members of the Board of Trustees and meeting presenters will participate in person, however trustees may join electronically as needed. - Meeting proceedings may be viewed remotely by following the instructions and link on the UTA Public Meetings Portal (webpage)
Meeting Information
- Meeting Location
-
669 W 200 S
Salt Lake City, UT 84101
Show in Apple Maps Show in Google Maps
Notice Posting Details
- Notice Posted On
- May 29, 2025 06:15 PM
- Notice Last Edited On
- May 29, 2025 06:15 PM
Download Attachments
File Name | Category | Date Added |
---|---|---|
NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED.pdf | Public Information Handout | 2025/05/29 06:08 PM |
Board/Committee Contacts
Member | Phone | |
---|---|---|
Carlton Christensen, Chair, Trustee | boardoftrustees@rideuta.com | (801)287-2585 |
Jeff Acerson, Trustee, Chair | boardoftrustees@rideuta.com | (801)287-2585 |
Beth Holbrook, Trustee, Trustee | boardoftrustees@rideuta.com | (801)287-2585 |