NOTICE OF BONDS TO BE ISSUED
PUBLIC NOTICE IS HEREBY GIVEN that on November 8, 2023, the Mayor and City Council of Salina City (the “Issuer”), adopted a resolution (the “Resolution”) declaring its intention to issue its Sewer 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 $11,500,000, to bear interest at a rate not to exceed 2.0% 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 and/or 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 sewer system improvements, including replacement of a backup generator, upgrading of existing lift station, construction of a new lift station, installation of sewer lines, manholes, service connections and cleanouts, replacement of sewer laterals, construction of new headworks building and related equipment and accessories, and construction of a culinary water service line to the new headworks building, together with related improvements; and (ii) paying costs of issuing the Bonds.
OUTSTANDING BONDS SECURED BY THE SAME REVENUE
There are no outstanding bonds secured by the revenues from sewer system which revenues are being pledged to secure the payment of the Bonds.
ESTIMATED TOTAL COST OF THE BONDS
Although the Issuer declared its intention to issue a Bond in a principal amount of up to $11,500,000 with interest at a rate not to exceed 2.0% per annum, the Issuer currently anticipates that the Bonds will be issued in the amount of $10,231,000 with interest at the rate of 0.5% per annum. In that case, the estimated total cost for the proposed Bonds would be $11,042,825, which would include interest of $811,825.
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 Salina City, Utah, where it may be examined during regular business hours of the City Recorder from 9:00 a.m. to 5:00 p.m., Monday through Friday.
DATED this 8th day of November, 2023.
/s/ Ashlee Larsen
City Recorder
[Publish one time only.]
NOTICE OF PUBLIC HEARING
PUBLIC NOTICE IS HEREBY GIVEN that on November 8, 2023, the Mayor and City Council of Salina City (the “Issuer”), adopted a resolution (the “Resolution”) declaring its intention to issue its Sewer Revenue Bonds (the “Bonds”) in an amount not to exceed $11,500,000, pursuant to the Utah Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended and to call a public hearing to receive input from the public with respect to the issuance of the Bonds.
The Issuer shall hold a public hearing on December 13, 2023, at the hour of 7:00 p.m. The location of the public hearing is in the City Office, 90 West Main Street, Salina City, Utah. The purpose of the meeting is to receive input from the public with respect to the issuance of the Bonds and any potential economic impact to the private sector from the construction of sewer system improvements, including replacement of a backup generator, upgrading of existing lift station, construction of a new lift station, installation of sewer lines, manholes, service connections and cleanouts, replacement of sewer laterals, construction of new headworks building and related equipment and accessories, and construction of a culinary water service line to the new headworks building, together with related improvements to be funded by the Bonds. All members of the public are invited to attend and participate.
DATED this 8th day of November, 2023.
/s/ Ashlee Larsen
City Recorder
[Publish once each week for two consecutive weeks.]
