Notice of Bonds to be Issued
- Department:Business License, Community Development, Emergency Preparedness, Finance, Justice Court, Planning, Public Works, Recorder/HR, Redevelopment Agency, City Council, Legal, Information Technology, Administration
- Public Notice Number:RDA-PN 2018 10-16b
- Start Date:10/16/2018
- Close Date:TBD
NOTICE OF BONDS TO BE ISSUED
NOTICE IS HEREBY GIVEN pursuant to the provisions of the Limited Purpose Local Government Entities-Community Development and Renewal Agencies Act, Title 17C, Chapters 1-4, Utah Code Annotated 1953, as amended (together, the “Act”), that on October 16, 2018, the Board of Directors (the “Board”) of the Redevelopment Agency of Midvale City, Utah (the “Issuer”), adopted a resolution (the “Resolution”) in which it authorized the issuance of the Issuer’s Tax Increment and Sales Tax Revenue Bonds, Series 2018 (to be issued from time to time in one or more series and with such other series or title designation(s) as may be determined by the Issuer) (collectively, the “Series 2018 Bonds”).
PURPOSE FOR ISSUING THE SERIES 2018 BONDS
The Series 2018 Bonds will be issued for the purpose of (a) reimburse developers for improvements constructed in the Bingham Junction Project Area and subject to executed tax increment reimbursement agreements or other related contracts (the “Series 2018 Project”), (b) funding a debt service reserve fund, if necessary, and (c) paying costs associated with the issuance of the Series 2018 Bonds.
REVENUES PROPOSED TO BE PLEDGED
The Series 2018 Bonds shall constitute special limited obligations of the Issuer and except as otherwise provided in the Indenture, are secured by an irrevocable pledge of, and shall be payable as to principal, premium, if any, and interest solely from the tax increment revenues generated from the Bingham Junction Redevelopment Project Area and all or a portion of sales tax revenues received and pledged from the City.
PARAMETERS OF THE SERIES 2018 BONDS
The Issuer intends to issue the Series 2018 Bonds, in the initial aggregate principal amount of not to exceed $9,750,000 shall mature in not more than twenty (20) years from their date or dates, shall be sold at a price not less than ninety-seven percent (97%) of the total principal amount thereof, shall bear interest at a rate or rates not to exceed five and one-half percent (5.50%) per annum. The Series 2018 Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a form of Indenture of Trust (the “Indenture”) 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 Board in such form and with such changes thereto as shall be approved by the Chair or Vice Chair; provided that the principal amount, interest rate or rates, maturity, and discount of the Bonds will not exceed the maximums set forth above.
A copy of the Resolution and the Indenture are on file in the office of the City Recorder of Midvale City, 7505 South Holden Street, Midvale City, Utah, where they may be examined during regular business hours of the City Recorder from 8:00 a.m. to 6:00 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 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.
DATED this October 16, 2018.
REDEVELOPMENT AGENCY OF MIDVALE CITY, UTAH
/s/ Rori Andreason