NOTICE OF PUBLIC HEARING AND BONDS TO84098 | 05/12/2021 | Ad id: 9-0000685669-01
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 May 5, 2021, the County Council (the "Council") of Summit County, Utah (the "Issuer"), adopted a resolution (the "Resolution") in which it authorized the issuance of the Issuer's Special Obligation Sales Tax Revenue Bonds, Series 2021 (the "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 called a public hearing to receive input from the public with respect to (a) the issuance of the Bonds and (b) any potential economic impact that the Project described herein to be financed with the proceeds of the Bonds may have on the private sector. TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on May 26, 2021, at the hour of 6:00 p.m. at Ledges Event Center, 202 East Park Road, Coalville, Utah. Members of the public are invited and encouraged to view and participate in the Council's electronic meetings. To view Council meeting, live, visit the "Summit County, Utah" Facebook page at 2:50 p.m. OR to participate in Council meeting: Join Zoom webinar: https://zoom.us/j/772302472 OR To listen by phone only: Dial 1-301-715-8592, Webinar ID: 772 302 472.. 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 THE BONDS The Bonds will be issued for the purpose of (a) financing the acquisition, construction, and equipping of recreational projects and improvements throughout Summit County (the "Project"), (b) funding any required debt service reserve fund, and (c) paying costs of issuance of the Bonds. PARAMETERS OF THE BONDS The Issuer intends to issue the Bonds, in the aggregate principal amount of not more than Eight Million Eight Hundred Thousand Dollars ($8,800,000), to mature in not more than eleven (11) 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 four percent (4.0%) per annum. The 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 and a Supplemental Indenture of Trust (together, the "Indenture"), which Indenture was before the Council and attached to the Resolution in substantially final form at the time of the adoption of the Resolution and said Indenture is to be executed by the Council in such form and with such changes thereto as shall be approved by the Chair, the Vice Chair and the County Manager; provided that the principal amount, interest rate or rates, maturity, and discount of the Bonds will not exceed the maximums set forth above. TAXES PROPOSED TO BE PLEDGED The Issuer proposes to pledge all or a portion of the County's legally available sales and use taxes received by Issuer pursuant to Title 59, Chapter 12, Part 7, Utah Code Annotated 1953, as amended, for repayment of the Bonds. OUTSTANDING BONDS SECURED BY PLEDGED TAXES The Issuer currently has no 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 Matt Leavitt, Finance Officer at (435) 336-3017. 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 2021 Bonds if held until maturity, is $9,643,000. A copy of the Resolution and the Indenture are on file in the office of the County Clerk, 60 North Main, Coalville, Utah, where they may be examined during regular business hours of the County Clerk from 8:00 a.m. to 5:00 p.m., Monday through 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 (only as it applies 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 Summit County, Utah 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 of Summit County, 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 Bonds. If fewer than 20% of the registered voters of Summit County, Utah file a written petition during said 30-day period, the Issuer may proceed to issue the Bonds without an election. DATED this May 5, 2021. /s/ Kelly Robinson Interim County Clerk PUBLISHED IN THE PARK RECORD ON WEDNESDAY MAY 12, 2021 AND WEDNESDAY MAY 19, 2021.