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 February 27, 2019, the City Council (the “Council”) of the City of Santa Clara, Utah (the “Issuer”), adopted a resolution (the “Resolution”) in which it authorized the issuance of the Issuer’s Sales Tax Revenue Bonds, Series 2019 (the “Series 2019 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).
TIME, PLACE, LOCATION AND PURPOSE OF PUBLIC HEARING
The Issuer shall hold a public hearing on March 27, 2019, at the hour of 5:00 p.m. in the Issuer’s offices at 2603 West Santa Clara Drive, Santa Clara, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Series 2019 Bonds and (b) any potential economic impact that the Series 2019 Project may have on the private sector. All members of the public are invited to attend and participate.
PURPOSE FOR ISSUING THE SERIES 2019 BONDS
The Series 2019 Bonds will be issued for the purpose of: (a) financing all or a portion of the costs of construction of a bridge, including related work on water lines and city utilities and all related improvements (collectively, the “Series 2019 Project”), (b) funding any necessary debt service reserve funds, and (c) paying costs of issuance of the Series 2019 Bonds
PARAMETERS OF THE SERIES 2019 BONDS
The Issuer intends to issue the Series 2019 Bonds in the aggregate principal amount of not more than Three Million Five Hundred Thousand Dollars ($3,500,000), to mature in not more than twenty-five (25) years from their date or dates, to be sold at a price not less than one hundred percent (100%) of the total principal amount thereof and bearing interest at a rate or rates not to exceed four and one-half percent (4.5%) per annum. The Series 2019 Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a general and supplemental Indenture and a master resolution (the “Bond Documents”) which were before the Council at the time of the adoption of the Resolution and said Bond Documents are 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 2019 Bonds will not exceed the maximums set forth above.
SALES AND USE TAXES PROPOSED TO BE PLEDGED
The Issuer proposes to pledge 100% of the Local Sales and Use Tax revenues received by the Issuer pursuant to Title 59, Chapter 12, Part 2, Utah Code Annotated 1953, as amended, to the payment of the Series 2019 Bonds (the “Revenues”).
OUTSTANDING BONDS SECURED BY PLEDGED TAXES
The Issuer currently has $114,000 of bonds outstanding secured by the Revenues.
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: https://reporting.auditor.utah.gov/searchreport. For additional information, including any information more recent than as of the date of the Financial Report, please contact Brock Jacobsen, Assistant City Manager at (435) 673-6712.
TOTAL ESTIMATED COST OF BONDS
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 2019 Bonds if held until maturity, is $3,861,172.
A copy of the Resolution and forms of the Bond Contract Documents are on file in the office of Santa Clara City Recorder, 2603 West Santa Clara Drive, Santa Clara, 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 and 8:00 a.m. to 1p.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 Bond Documents, or the Series 2019 Bonds, or any provision made for the security and payment of the Series 2019 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 City of Santa Clara, Utah may sign a written petition requesting an election to authorize the issuance of the Series 2019 Bonds. If written petitions which have been signed by at least 20% of the registered voters of the City of Santa Clara, 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 2019 Bonds. If fewer than 20% of the registered voters of the City of Santa Clara, Utah file a written petition during said 30-day period, the Issuer may proceed to issue the Series 2019 Bonds without an election.
DATED this February 27, 2019.
/s/ Chris Shelley