Notice Of Public Hearing And Bonds To Be Issued
PUBLIC NOTICE IS HEREBY GIVEN that on May 11, 2010, the Mayor and City
Council of Green River City (the "Issuer"), adopted a resolution (the
"Resolution") declaring its intention to issue its Street Improvement
Revenue Bonds (the "Bonds") pursuant to the Utah 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.
TIME, PLACE AND LOCATION OF PUBLIC HEARING
The Issuer shall hold a public hearing on April 13, 2010, at the hour
of 7:00 p.m. The location of the public hearing is in the Green River
City Offices, 460 East Main Street, Green River, Utah. The purpose of
the meeting is to receive input from the public with respect to the
issuance of the Bonds. 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 street and sidewalk
improvements, together with all related work and improvements (the
"Project"); and (ii) paying costs of issuing the Bonds.
PARAMETERS OF THE BONDS
The Issuer intends to issue the Bonds in the principal amount of not
to exceed $800,000, to bear interest at a rate not to exceed 3.0% per
annum, to mature in not to more than 15 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.
EXCISE TAXES PROPOSED TO BE PLEDGED
The Issuer proposes to pledge all of the excise tax revenues received
by the Issuer pursuant to Sections 72-2-107, 72-2-108 and 59-12-103,
et. seq., Utah Code Annotated 1953, as amended for the repayment of
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 11th day of May, 2010.
/s/ Conae Black
Published in the Emery County Progress May 18 and 25, 2010.
These legal notices, along with those from other fine Utah newspapers, can be viewed at www.utahlegals.com