NOTICE OF BONDS TO BE ISSUED
PUBLIC NOTICE IS HEREBY GIVEN that on April 7, 2017, the Mayor and City Council of Centerfield City (the “Issuer”), adopted a resolution (the “Resolution”) declaring its intention to issue its Street Improvement 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 $750,000, to bear interest at a rate not to exceed 3.0% per annum, to mature in not to more than 10 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 and interest 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 of constructing street improvements, including chip sealing and pulverizing, reshaping and double chip sealing of city streets, together with all related work and improvements; and (ii) paying costs of issuing the Bonds.
EXCISE TAXES PROPOSED TO BE PLEDGED
The Issuer proposes to pledge all of the excise tax revenues received by the Issuer pursuant to Sections 59-12-103, et. seq., Utah Code Annotated 1953, as amended for the repayment of the Bonds.
OUTSTANDING BONDS SECURED BY THE SAME REVENUE
There are no outstanding bonds secured by the revenues from excise tax, which revenues are being pledged to secure the payment of the Bonds.
ESTIMATED TOTAL COST OF THE BONDS
Although the Resolution authorizes the issuance of Bonds in the aggregate principal amount of up to $750,000, the Issuer anticipates that the actual principal amount of the Bonds will be $655,000, in which case the estimated total cost to the Issuer for the proposed Bonds is $748,525, including an estimated cost of interest on the Bonds is $93,525.
A copy of the Resolution is on file in the office of the City Recorder in Centerfield, Utah, where it may be examined during regular office hours of the City Recorder from 9:00 a.m. to 5:00 p.m., Monday through Friday, for a period of at least 30 days from and after date of the last date of publication of this Notice.
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.
DATED this 7th day of April, 2017.
Publish Sanpete Messenger April 13, 2017.