Entity: Provo
Body: Provo Municipal Council
| Subject: | Bonds |
| Notice Title: | Notice of Public Hearing and Intent to Issue Sales Tax Revenue Bonds |
| Meeting Location: | 351 West Center Street Provo 84601 |
| Event Date & Time: |
October 17, 2017 October 17, 2017 05:30 PM - October 17, 2017 08:30 PM |
| Description/Agenda: |
PROVO CITY, UTAH
NOTICE OF PUBLIC HEARING AND INTENT TO ISSUE
SALES TAX REVENUE BONDS
PUBLIC NOTICE IS HEREBY GIVEN that the Municipal Council (the 'Council') of Provo City, Utah (the 'City') will hold a public hearing to receive input from the public with respect to the issuance of its sales tax revenue bonds (the 'Bonds') pursuant to the Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended.
The City will hold a public hearing during its regular Municipal Council meeting which begins at 5:30 p.m. on October 17, 2017. The public hearing will be held at 351 West Center Street, in Provo, Utah. The purpose of the hearing is to receive input from the public with respect to the issuance of the Bonds and the potential economic impact of the hereinafter defined Project on the private sector. All members of the public are invited to attend and participate in the public hearing. Written comments may be submitted to the City, to the attention of the City Recorder, prior to the public hearing.
The City intends to issue the Bonds for the purpose of (1) financing all or part of the cost of acquisition and construction of ramps, taxiways, runways, parking facilities, and related facilities at the City's municipal airport (the 'Project'), (2) funding any necessary reserves and contingencies in connection with the Bonds and the Project, and (3) paying costs of issuance of the Bonds. The City intends to issue the Bonds in an aggregate principal amount not exceeding $6 million.
The City proposes to pledge to the payment of the Bonds all of the legally available revenues from Local Sales and Use Taxes received by the City pursuant to Title 59, Chapter 12, Part 2, Utah Code Annotated 1953, as amended (currently levied and collected pursuant to Section 5.01 of Provo City Code).
NOTICE IS FURTHER GIVEN that, pursuant to Section 11-14-307(7) of the Utah Code, if within 30 calendar days of the final publication of this notice on October 3, 2017, a written petition requesting an election and signed by at least 20% of the registered voters of the City is filed with the City, then the City shall submit the question of whether or not to issue the Bonds to the voters of the City for their approval or rejection.
If no written petition is filed or if fewer than 20% of the registered voters of the City file a written petition, in either case, within 30 calendar days of the final publication of this notice on October 3, 2017, the City may proceed to issue the Bonds without an election.
DATED this September 26, 2017.
PROVO CITY, UTAH
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| Notice of Special Accommodations: | In compliance with the Americans with Disabilities Act, individuals needing special accommodations (including auxiliary communicative aides and services) during this meeting are invited to notify the Provo Council Office at 351 W. Center, Provo, Utah 84601, phone: (801) 852-6120 or email evanderwerken@provo.org at least three working days prior to the meeting. The meeting room in Provo City Center is fully accessible via the south parking garage access to the elevator. The Council Meeting is also broadcast live Provo Channel 17 at https://www.youtube.com/user/ProvoChannel17. The Work Meeting is broadcast live at https://www.youtube.com/user/ProvoCityCouncil. For access to past Work and Council Meetings, go to playlists on https://www.youtube.com/user/ProvoChannel17. |
| Notice of Electronic or telephone participation: | One or more Council members may participate by telephone or Internet communication in this meeting. Telephone or Internet communications will be amplified as needed so all Council members and others attending the meeting will be able to hear the person(s) participating electronically as well as those participating in person. The meeting will be conducted using the same procedures applicable to regular Municipal Council meetings. |
| Other information: | |
| Contact Information: |
Renée Caron 801-852-6124 rcaron@provo.org |
| Posted on: | September 21, 2017 04:20 PM |
| Last edited on: | September 21, 2017 04:20 PM |