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Front Page » March 11, 2014 » Legal Notices » NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED
Published 284 days ago

NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED


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NOTICE OF PUBLIC HEARING
AND BONDS TO BE ISSUED

	NOTICE IS HEREBY GIVEN that on February 19, 2014, the Board of
Trustees of the Local Building Authority of Huntington City, Emery
County, Utah (the "Issuer"), adopted a resolution (the "Resolution")
declaring its intention to issue its Lease Revenue Bonds (the "Bonds")
pursuant to the provisions of the Utah Government Bonding Act, Title
11, Chapter 14, Utah Code Annotated 1953, as amended and the Utah
Local Building Authority Act, Title 17D, Chapter 2, Utah Code
Annotated 1953, as amended (collectively, the "Act") and to call a
public hearing to receive input from the public with respect to the
issuance of the Bonds and the potential economic impact on the private
sector that the facility funded by the Bonds may have.

	TIME, PLACE AND LOCATION OF PUBLIC HEARING

	The Issuer shall hold a public hearing on March 19, 2014, at the hour
of 6:30 p.m.  The location of the public hearing is the City Office,
20 South Main, Huntington, 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 that the Project financed in
whole or in part with the proceeds of the Bonds may have on the
private sector.  All members of the public are invited to attend and
participate.

	PURPOSE FOR ISSUING BONDS

	The Issuer intends to issue the Bonds for the purpose of (i)
financing a portion of the cost of constructing improvements to the
City's park system, including the replacement of the grandstand at the
rodeo grounds, construction of a new park concession stand and
restrooms and a walking/biking trail along Huntington Creek and
related facilities; 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 the lease
of the Huntington City park system, which revenues are being pledged
to secure the payment of the Bonds.

ESTIMATED TOTAL COST OF THE BONDS

	The estimated total cost to the Issuer for the proposed Bonds is
$433,000.  The estimated cost of interest on the Bonds is $107,655.

	PARAMETERS OF THE BONDS

	The Issuer intends to issue the Bonds in the principal amount of not
to exceed $550,000, to bear interest at a rate not to exceed 2.5% 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, if any, 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 Bonds are to be issued and sold by the Issuer pursuant to said
resolution of the Board of Trustees of the Authority duly adopted on
February 19, 2014, and pursuant to the provisions of the Utah Local
Building Authority Act, Chapter 2 of Title 17D of the Utah Code
Annotated 1953, as amended (the "Act"), are to be issued for the
purpose of defraying the cost of constructing improvements to the
City's park system, including the replacement of the grandstand at the
rodeo grounds, construction of a new park concession stand and
restrooms and a walking/biking trail along Huntington Creek and
related facilities, and for paying all costs incident thereto and to
the authorization and issuance of the Bonds.

	A copy of the Resolution is on file in the office of the City
Recorder in Huntington, Utah, where it may be examined during regular
business hours of the City Recorder from 8:00 a.m. to 5:00 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 pursuant to law for a period of thirty
(30) days from and after the date of the publication of this notice,
any person in interest shall have the right to contest the legality of
the above-described Resolution of the Board of Trustees of the
Authority adopted on February 19, 2014, the Master Resolution (only as
it relates to the Bonds), 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.

	
 /s/     Elden Stephens                  
City Recorder
Published in the Emery County Progress March 4 and 11, 2014.
    
    

These legal notices, along with those from other fine Utah newspapers, can be viewed at www.utahlegals.com.


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