PUBLIC NOTICE IS HEREBY GIVEN that on March 9, 2021, the Mayor and City Council of Green River City (the “Issuer”), adopted a resolution (the “Resolution”) declaring its intention to issue its Sales Tax 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 $450,000 to bear interest at a rate not to exceed 2.0% per annum, to mature in not to more than 31 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 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 the restoration of the Green River bank to include site setup, care of water and staging, bank restoration and improvements to include clearing, grubbing, bank excavation, installation of boulders, terraces, toe and path support, installation of slab stone steps, backfill, paths new doc and platform, storm water infrastructure and light pole relocation, fencing, filters, site restoration and planting; 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
The Issuer currently has no outstanding bonds secured by the revenues from sales 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 $450,000, the Issuer anticipates that the actual principal amount of the Bonds will be $300,000, in which case the estimated total cost to the Issuer for the proposed Bonds is $323,875, including an estimated cost of interest on the Bonds is $23,875.
A copy of the Resolution is on file in the office of the City Recorder in Green River City, Utah, where it may be examined during regular business hours of the City Recorder from 8:00 a.m. to 4:00 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 (i) 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, and (ii) registered voters in Green River City, Utah, may sign a written petition requesting an election to authorize the issuance of the Bonds. If written petitions which have been signed by at least 20% of the registered voters of Green River City, Utah, are filed with the Issuer during said 30-day period, the Issuer shall be required to hold an election to obtain voter authorization prior to the issuance of the Bonds. If fewer than 20% of the registered voters of Green River City, Utah, file a written petition during said 30-day period, the Issuer may proceed to issue the Bonds without an election.
DATED this 9th day of March, 2021.
/s/ Conae Black
City Recorder
Published in the ETV Newspaper March 17, 2021.