NOTICE OF BONDS TO BE ISSUED
NOTICE IS HEREBY GIVEN pursuant to the provisions of the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended (the “Act”), that on February 10, 2021, the City Council (the “Council”) of the City of Santa Clara, Utah (the “Issuer”), adopted a resolution (the “Resolution”) in which it authorized the issuance of the Issuer’s Sales Tax Revenue Refunding Bonds, Series 2021 (the “Series 2021 Bonds”) (to be issued in one or more series and with such other series or title designation(s) as may be determined by the Issuer).
PURPOSE FOR ISSUING THE SERIES 2021 BONDS
The Series 2021 Bonds will be issued for the purpose of (a) refunding all or a portion of the Issuer’s outstanding sales tax revenue bonds (the “Refunded Bonds”) and (b) paying costs of issuance of the Series 2021 Bonds.
PARAMETERS OF THE SERIES 2021 BONDS
The Issuer intends to issue the Series 2021 Bonds in the aggregate principal amount of not more than Two Million Two Hundred Fifty Thousand Dollars ($2,250,000), to mature in not more than sixteen (16) years from their date or dates, to be sold at a price not less than ninety-eight percent (98%) of the total principal amount thereof, and bearing interest at a rate or rates not to exceed two percent (2.0%) per annum. The Series 2021 Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a Master Resolution (the “Master Resolution”) which was before the Council in substantially final form at the time of the adoption of the Resolution and said Master Resolution is to be executed by the Issuer in such form and with such changes thereto as shall be approved by the Issuer; provided that the principal amount, interest rate or rates, maturity, and discount of the Series 2021 Bonds will not exceed the maximums set forth above. The Issuer reserves the right to not issue the Series 2021 Bonds for any reason and at any time up to the issuance of the Series 2021 Bonds.
SALES AND USE TAXES PROPOSED TO BE PLEDGED
The Issuer proposes to pledge 100% of the Local Sales and Use Tax revenues received by the Issuer pursuant to Title 59, Chapter 12, Part 2, Utah Code Annotated 1953, as amended, to the payment of the Series 2021 Bonds (the “Revenues”).
A copy of the Resolution and the Master Resolution are on file in the office of City of Santa Clara City Recorder, 2603 West Santa Clara Drive, Santa Clara, Utah, where they may be examined during regular business hours of the City Recorder from 8:00 a.m. to 5:00 p.m. Monday through Thursday and 8:00 a.m. to 1:00 p.m. on 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 (i) any person in interest shall have the right to contest the legality of the Resolution, the Master Resolution, or the Series 2021 Bonds, or any provision made for the security and payment of the Series 2021 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 within the City of Santa Clara, Utah may sign a written petition requesting an election to authorize the issuance of the Series 2021 Bonds. If written petitions which have been signed by at least 20% of the registered voters of the City of Santa Clara, 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 Series 2021 Bonds. If fewer than 20% of the registered voters of the City of Santa Clara, Utah file a written petition during said 30-day period, the Issuer may proceed to issue the Series 2021 Bonds without an election.
DATED this February 10, 2021.
/s/ Chris Shelley
City Recorder