Notice Date & Time: 4/22/14 6:00 PM
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, that on March 25, 2014, the City Council (the ?Council?) of Pleasant View City, Utah (the ?Issuer?), expects to adopt a resolution (the ?Resolution?) in which it authorizes the issuance of the Issuer?s Water Revenue Bonds, Series 2014 (the ?Series 2014 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 calls a public hearing to receive input from the public with respect to (a) the issuance of the Series 2014 Bonds and (b) any potential economic impact that the Project described herein to be financed with the proceeds of the Series 2014 Bonds may have on the private sector.
TIME, PLACE AND LOCATION OF PUBLIC HEARING
The Issuer shall hold a public hearing on April 22, 2014, at the hour of 6:00 p.m. at 520 West Elberta Drive, Ogden, Utah. All members of the public are invited to attend and participate.
PURPOSE FOR ISSUING THE SERIES 2014 BONDS
The Series 2014 Bonds will be issued for the purpose of (a) financing the acquisition and construction of improvements to the Issuer?s water system and related improvements (collectively, the ?Project?), (b) funding any debt service reserve funds, as necessary, and (c) paying costs of issuance of the Series 2014 Bonds.
PARAMETERS OF THE SERIES 2014 BONDS
The Issuer intends to issue the Series 2014 Bonds in the aggregate principal amount of not more than One Million Five Hundred Fifty Thousand Dollars ($1,550,000), to mature in not more than twenty (20) 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 (6.0%) per annum. The Series 2014 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 (the ?General Indenture?), and a Supplemental Indenture of Trust (the ?Supplemental Indenture? and together with the General Indenture, the ?Indenture?) which were before the Council and attached to the Resolution in substantially final form at the time of the adoption of the Resolution and said Supplemental 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 2014 Bonds will not exceed the maximums set forth above.
OUTSTANDING BONDS SECURED BY NET REVENUES
Other than the proposed Series 2014 Bonds, the Issuer currently has $951,000 of bonds outstanding secured by the Net Revenues (as more fully described in the Indenture).
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: http://auditor.utah.gov/accountability/financial-reports-of-local-governments/. For additional information, including any information more recent than as of the date of the Financial Report, please contact Melinda Greenwood, City Manager at (801) 827-0466.
TOTAL ESTIMATED COST
Based on the Issuer?s current plan of finance and a current estimate of interest rates, the total principal and interest cost of the Series 2014 Bonds if held until maturity is $2,294,047.
A copy of the Resolution and the Indenture are on file in the office of the Pleasant View City Recorder, 520 West Elberta Drive, Ogden, Utah, where they may be examined during regular business hours of the City Recorder from 8:00 a.m. to 5:00 p.m. Monday through Thursday, or 8:00 a.m. to 12:00 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 (i) any person in interest shall have the right to contest the legality of the Resolution, the Indenture (as it pertains to the Series 2014 Bonds), or the Series 2014 Bonds, or any provision made for the security and payment of the Series 2014 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 Pleasant View City, Utah may sign a written petition requesting an election to authorize the issuance of the Series 2014 Bonds. If written petitions which have been signed by at least 20% of the registered voters of Pleasant View City, Utah are filed with the Issuer during said 30-day period, the Issuer shall be required to hold an election to obtain voter authorization prior to the issuance of the Series 2014 Bonds. If fewer than 20% of the registered voters of Pleasant View City, Utah file a written petition during said 30-day period, the Issuer may proceed to issue the Series 2014 Bonds without an election.
