NOTICE OF BONDS
TO BE ISSUED
NOTICE IS HEREBY GIVEN that on July 1, 2019, the Board of Trustees of the Municipal Building Authority of Salina City #2, Sevier County, Utah (the “Issuer”), adopted a resolution (the “Resolution”) declaring its intention to issue its Lease Revenue Bonds (the “Bonds”) pursuant to the provisions of the Utah Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended and the Utah Local Building Authority Act, Title 17D, Chapter 2, Utah Code Annotated 1953, as amended (collectively, the “Act”).
The Issuer intends to issue the Bonds for the purpose of (i) financing a portion of the cost constructing a swimming pool and related facilities (the “Project”); and (ii) paying costs of issuing the Bonds. The Bonds shall be issued in the principal amount of not to exceed $1,300,000, to bear interest at a rate not to exceed 3.0% per annum, to mature in not to more than 25 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, if any, 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.
OUTSTANDING BONDS SECURED BY THE SAME REVENUE
There are no outstanding bonds secured by the revenues from the lease of the swimming pool, which revenues are being pledged to secure the payment of the Bonds.
ESTIMATED TOTAL COST OF THE BONDS
Although the Issuer has authorized the issuance of Bonds in the total amount of not to exceed $1,300,000, the Issuer anticipates the Bonds will actually be issued in the principal amount of $1,000,000. If that were the case, the estimated total cost to the Issuer for the proposed Bonds is $1,108,350, including an estimated cost of interest of $108,350.
NOTICE IS FURTHER GIVEN that pursuant to law for a period of thirty (30) 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 of the Board of Trustees of the Authority adopted on July 1, 2019, the Master Resolution (only as it relates 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.
A copy of the Resolution is on file in the office of the City Recorder in Salina, Utah, where it may be examined during regular business hours of the City Recorder from 8:00 p.m. to 5:00 p.m., Monday through Thursday, for a period of at least 30 days from and after date of the last date of publication of this Notice.
DATED this 1st day of July, 2019.
/s/ Ashlee Larsen
Published in The Richfield Reaper July 4, 2019. UPAXLP