serving 2016-05-05 through 2016-05-12
NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED
PUBLIC NOTICE IS HEREBY GIVEN that on May 3, 2016, the Governing Board (the "Governing Board") of the Community Development and Renewal Agency of West Point, Utah (the "Issuer") and the City Council of West Point City, Utah (the "City"), each adopted a resolution (the "Resolution") declaring their intention for the Issuer to issue tax increment and sales tax revenue bonds (the "Bonds") pursuant to Title 17C, Chapter 1, Part 5 and applicable sections of the Utah Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended.
PURPOSE FOR ISSUING BONDS
The Issuer intends to issue the Bonds for the purpose of (i) finance certain improvements related to the 300 North Community Development Project Area, including off-site improvements, including roadway improvements on 300 North including curb, gutter and sidewalk, and off-site sewer reimbursement, and to import, place and compact fill, and related matters (the "Project), and (ii) funding a debt service reserve fund, if necessary, and (iii) paying issuance expenses.
PARAMETERS OF THE BONDS
The Issuer intends to issue the Bonds in the principal amount of not to exceed $1,250,000, to bear interest at a rate or rates of not to exceed 5.0% per annum, to mature in not more than 16 years from their date or dates, and to be sold at a price not less than 97.0% of the total principal amount thereof, plus accrued interest to the date of delivery.
EXCISE TAXES PROPOSED TO BE PLEDGED
The Issuer proposes to pledge the Local Sales and Use Tax Funds received by the Issuer from the City subject to an interlocal agreement pursuant to Title 59, Chapter 12, Part 2, Utah Code Annotated, as amended, and tax increment revenues from the 300 North Community Development Project Area for repayment of the Bonds.
TIME, PLACE AND LOCATION OF PUBLIC HEARING
The City shall hold a public hearing on Tuesday, June 7, 2016, at the hour of 7:00 p.m. or as soon thereafter as feasible. The location of the public hearing is at the West Point City Offices at 3200 W. 300 North, in West Point, Utah. The purpose of the meeting is to receive input from the public with respect to the issuance of the Bonds and with respect to the potential economic impact of the proposed improvements. As Tax Increment and Sales Tax Revenue Bonds only the local sales and use tax funds described herein and tax increment from the 300 North Community Development Project Area will be pledged to repay the Bonds. No ad valorem (property) taxes will be pledged to repay the Bonds. All members of the public are invited to attend and participate. The City has $696,000 in bonds outstanding for which it sales tax revenues are pledged. If the proposed Bonds are outstanding for the maximum maturity at the maximum amount and at the maximum interest rate, then the total repayment amount would be $1,818,434.
The Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution the draft of a Master Resolution, which was before the Governing Board and attached to the Resolution in substantially final form at the time of the adoption of the Resolution. The Master Resolution is to be finalized by a Pricing Committee (in consultation with the Issuer's Municipal Advisor, Lewis Young Robertson & Burningham, Inc.) consisting of the Agency Chair, Executive Director and Secretary, in such form and with such changes thereto as shall be approved by the Pricing Committee upon the adoption thereof, provided that the principal amount, interest rate or rates, maturity and discount of the Bonds will not exceed the maximums set forth above, and there shall be a cost savings.
Copies of the Resolution and the Master Resolution are on file in the office of the Secretary of the Issuer in West Point, Utah, where they may be examined during regular business hours of the Secretary from 8:00 a.m. to 5:00 p.m. for a period of at least thirty (30) days from and after the date of publication of this notice.
NOTICE IS HEREBY GIVEN that a period of thirty (30) days from and after the last 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 Master Resolution or the Bonds, or any provision made for the security and payment of the Bonds by filing an action in District Court, and that after such time, no one shall have any cause of action, other than by referendum, to contest the regularity, formality or legality thereof for any cause whatsoever, and (ii) registered voters within West Point, 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 West Point, Utah, are filed with the Issuer or City 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 West Point, Utah, file a written petition during said 30-day period, the Issuer may proceed to issue the Bonds without an election.
By Order of the Governing Board
/s/ Casey Arnold
Secretary
Pub. May 5, 12, 2016 595808