Notice of Public Hearing — Springville City, Utah
Public Notice is hereby given that the City Council (the “Council”) of Springville City, Utah (the “City”), shall hold a public hearing to receive input from the public with respect to the issuance of its Water and Sewer Revenue Bonds (the “Bonds”) to finance all or a portion of the cost of acquiring and constructing certain improvements (the “Project”) to the City’s water system (the “System”) and the potential economic impact that the Project will have on the private sector, pursuant to the Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended (the “Act”).
Purpose for Issuing Bonds
The City intends to issue the Bonds for the purpose of (1) financing all or a portion of the costs of the acquisition, construction and improvement of the Project, (2) refunding, if economically desirable in the City’s judgment, all or a portion of the City’s currently outstanding Water and Sewer Revenue Refunding Bonds, Series 2008 (3) funding any necessary reserves and contingencies in connection with the Bonds, and (4) paying the costs incurred in connection with the issuance and sale of the Bonds.
Maximum Principal Amount of the Bonds
The City intends to issue the Bonds that will be used to finance the costs of the Project in an aggregate principal amount not exceeding $13,000,000.
Water and Sewer Revenues Proposed to be Pledged
The City proposes to pledge to the payment of the Bonds the net revenues from the System (the “Net Revenues”).
Time, Place and Location of Public Hearing
The City will hold and conduct a public hearing during a public meeting that is to begin at 7:00 p.m. on November 16, 2021. The public hearing will be held at 110 South Main Street, in Springville City, Utah. All members of the public are invited to attend and participate in the public hearing. Prior to the public hearing, written comments may be submitted to the City, to the attention of the City Recorder, 110 South Main Street, Springville City, Utah 84663.
Dated October 28, 2021.