NOTICE IS HEREBY GIVEN pursuant to the provisions of the Utah Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended (the “Act”) that on August 22, 2019, the City Council (the “Council”) of Millville City, Cache County, Utah (the “Issuer”) adopted a resolution (the “Resolution”) in which it authorized the issuance by the Issuer of its Water and Sewer Revenue Bonds, in one or more series (the “Bonds”), in the aggregate amount of not to exceed Fifteen Million Dollars ($15,000,000), to bear interest at a rate or rates of not to exceed five and one half percent (5.50%) per annum, to mature in not more than forty (40) years from their date or dates, and to be sold at a price not less than ninety-ninety percent (99%) of the total principal amount thereof. The estimated total cost to the Issuer for the proposed Bonds, if the Bonds are held until the maximum maturity, based on the maximum interest rate is $37,135,461. As Water and Sewer Revenue Bonds, the Bonds will be secured by the net revenues of the Issuer’s water and sewer system, and no taxes will be pledged as security. Presently the Issuer has no more than $1,481,000 in outstanding bonds secured by a pledge of its water and sewer revenues.
The Bonds will be issued pursuant to the Resolution, and a Bond Resolution (the “Authorizing Bond Resolution”), to be adopted authorizing and confirming the sale of the Bonds for the purpose of financing, in part, (i) Water and Sewer System improvements, including the Issuer’s system, and related improvements, and (ii) to pay the costs of issuing the Bonds. The Authorizing Bond Resolution is to be adopted by the Council with such changes as shall be approved by the Issuer at the time of adoption of the Authorizing Bond Resolution, and said Authorizing Bond Resolution is to be adopted by the Council with such changes as shall be approved by the Council upon its adoption; provided that the principal amount, interest rate or rates, maturity and discount of the Bonds will not exceed the maximums set forth above.
NOTICE IS FURTHER GIVEN that the Issuer called a public hearing for September 26, 2019, at 7:00 p.m., or as soon thereafter as feasible, in the Millville Elementary auditorium at 67 South Main, Millville, Utah to receive input from the public with respect to a review of the sewer pipe preliminary plans and the issuance of the Bonds and the potential economic impact that the facilities and related improvements to be paid for in whole or in part with the Bonds will have on the private sector. The maximum amount, interest rate, maturity, and discount on the Bonds will be as set forth above. As revenue obligations, no taxes are proposed to be pledged for repayment of the Bonds.
A copy of the Resolution, the Authorizing Bond Resolution are on file in the office of the City Recorder in the City offices in Millville, Utah, where they may be examined during regular business hours from 10:00 a.m. to 12:00 p.m. Tuesdays and Thursdays, or by appointment, 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 Authorizing Bond Resolution, the Bonds, or any provision made for the security and payment of the Bonds by filing a verified written complaint in the district court of the county in which he or she resides and that after such time, other than referendum rights, no one shall have any cause of action to contest the regularity, formality or legality thereof for any cause whatsoever.
DATED this August 23, 2019.
/s/ Corey Twedt
City Recorder
