NOTICE OF BONDS TO BE ISSUED NOTICE IS84601 | 03/11/2020 | Ad id: 9-0000562121-01
NOTICE OF BONDS TO BE ISSUED NOTICE IS HEREBY GIVEN pursuant to the provisions of Sections 11-14-316 and 11-27-4, Utah Code Annotated 1953, as amended, that on March 5, 2020, the City Council (the "Council") of Park City, Utah (the "City"), adopted a resolution (the "Resolution") in which it authorized and approved the issuance of its general obligation bonds (the "Bonds"), in the aggregate principal amount of not to exceed Ten Million Two Hundred Dollars, to bear interest at a rate or rates of not to exceed five percent per annum, to mature over a period not to exceed sixteen years from their date or dates and to be sold at a discount from par, expressed as a percentage of the principal amount, of not to exceed two percent. Pursuant to the Resolution, the Bonds are to be issued for the purpose of (a) acquiring, improving and forever preserving open space, park and recreational land located in Treasure Hill and Armstrong/Snow Ranch Pasture (the "Project") and (b) refunding all or a portion of the City's currently outstanding General Obligation Bonds, Series 2009 and General Obligation Bonds, Series 2010B (Federally TaxableDirect PayBuild America Bonds) (collectively, the "Refunded Bonds"). The principal amount of the Bonds issued to refund the Refunded Bonds may exceed the principal amount of the Refunded Bonds. The Bonds may be issued in one or more series at one or more times and may be issued together with one or more additional series of general obligation bonds of the Issuer. The City proposes to pledge the full faith and credit of the City for the payment of its general obligation bonds and may be obligated to levy and collect ad valorem taxes without limitation as to rate or amount in order to pay the general obligation bonds, as provided by law. The total par amount of the City's currently outstanding general obligation bonds is $78,145,000. More detailed information relating to the outstanding general obligation bonds of the City is available from the City Treasurer. The estimated total cost to the City of the portion of the Bonds issued to finance the Project, if such Bonds are held until maturity and based on estimated interest rates currently in effect, is $5,534,494. The Bonds are to be issued and sold by the City pursuant to the Resolution. A copy of the Resolution is on file in the office of the City Recorder of the City, located in the Marsac Municipal Building, at 445 Marsac Avenue, Park City, Utah, where the Resolution may be examined during regular business hours of the City Recorder from 8:00 a.m. to 5:00 p.m. The Resolution shall be so available for inspection for a period of at least thirty days from and after the date of the publication of this notice. NOTICE IS FURTHER GIVEN that pursuant to law for a period of thirty days from and after the date of the publication of this notice, any person in interest shall have the right to contest the legality of the above-described Resolution (including the final bond resolution attached thereto) of the City or the Bonds authorized thereby or any provisions made for the security and payment of the Bonds. After such time, no one shall have any cause of action to contest the regularity, formality or legality of the Resolution, the Bonds or the provisions for their security or payment for any cause. DATED March 5, 2020 PARK CITY, UTAH PUBLISHED IN THE PARK RECORD ON WEDNESDAY, MARCH 11, 2020.