PUBLIC NOTICE IS HEREBY GIVEN that on February 14, 2017, the Mayor and City Council of the City of Moab (the “Issuer”), adopted a resolution (the \"Resolution\") declaring its intention to issue its Wastewater Revenue Bonds (the \"Bonds\"), pursuant to the Utah Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended.
The Issuer intends to issue the Bonds in the principal amount of not to exceed $15,000,000 to bear interest at a rate not to exceed 2.5% per annum, to mature in not to more than 35 years from their date or dates, and to be sold at a price not less than 100% of the total principal amount thereof, plus accrued interest to the date of delivery. The Bonds will specify that any installment of principal on the Bonds which shall not be paid when due shall bear interest at the rate of 18% per annum from the due date thereof until paid.
The Issuer intends to issue the Bonds for the purpose of (I) financing all or a portion of the cost to construct improvements to the City\'s wastewater system, including construction of a wastewater treatment plant, together with related improvements to the wastewater system; and (ii) paying costs of issuing the Bonds.
OUTSTANDING BONDS SECURED BY THE SAME REVENUE
The Issuer currently has no outstanding bonds secured by the pledge of wastewater system revenues.
ESTIMATED TOTAL COST OF THE BONDS
The estimated total cost to the Issuer for the proposed Bonds is $16,877,000.00. The estimated cost of interest on the Bonds is $1,877,000.00.
NOTICE IS FURTHER GIVEN that a period of 30 days from and after the last date of publication of this Notice is provided by law during which any person in interest shall have the right to contest the legality of the Resolution 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.
A copy of the Resolution is on file in the office of the City Recorder in Moab, Utah, where it may be examined during regular business hours of the City Recorder from 8:00 a.m. to 5:00 p.m. Monday through Friday.
DATED this 14th day of February, 2017.
/s/ Rachel Stenta
Published in The Times-Independent, Moab, Utah February 16, 2017.