Washington City Utah | (435) 656-6300
111 North 100 East | Washington, Utah 84780 [map]
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NOTICE OF BONDS TO BE ISSUED
PUBLIC NOTICE IS HEREBY GIVEN that pursuant to the Local Building Authority Act, Title 17D, Chapter 2, Utah Code Annotated 1959, as amended, and the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended (collectively, the “Act”), the Governing Board (the “Board”) of the Municipal Building Authority of Washington City, Utah (the “Issuer”), adopted a resolution on November 13, 2019 (the “Resolution”) in which it authorized the issuance of the Issuer’s Lease Revenue Refunding Bonds, Series 2020 (the “Bonds”) (to be issued in one or more series from time to time and with any other series or title designations of the Issuer).
PURPOSE FOR ISSUING THE SERIES 2020 BONDS
The Bonds will be issued for the purpose of (a) refunding all or a portion of the Issuer’s outstanding Series 2015 Lease Revenue Bonds which were previously issued to finance the costs of the construction of a police department building and all related improvements (the “Refunding Project”) and (b) paying issuance expenses of the Series 2020 Bonds.
PARAMETERS OF THE BONDS
The Issuer intends to issue the Bonds in the principal amount of not to exceed Three Million Three Hundred Thousand Dollars ($3,300,000), to bear interest at the rate or rates of not to exceed four percent (4.00%) per annum, to mature in not more than sixteen (16) years from their date or dates of issuance, and to be sold at a price not less than ninety-eight percent (98%) of the total principal amount thereof.
The Bonds are to be issued and sold by the Authority pursuant to the Resolution, including as part of said Resolution, form of a Supplemental Indenture of Trust (the “Supplemental Indenture”), a Bond Purchase Agreement (the “Purchase Agreement”), an Amendment to Master Lease Agreement (the “Master Lease”), certain Security Documents (the “Security Documents”), and a Ground Lease (the “Ground Lease”), which were before the Governing Board and attached to the Resolution at the time of the adoption of the Resolution and said Supplemental Indenture, Purchase Agreement, Amendment to Master Lease, Security Documents, and Ground Lease are to be executed by the Authority in such form and with such changes thereto as shall be approved by the Authority; provided that the principal amount, interest rates, maturity, and discount of the Bonds will not exceed the maximums set forth above.
SECURITY FOR THE BONDS
This Bonds are to be issued under and secured by and entitled to the protection of the Indenture, pursuant to which all base rentals payable by Washington City, Utah (the “City”) under the Master Lease and, if paid by the City, the Purchase Option Price, are assigned to secure the payment of principal of, interest on, and premium, if any on the Bonds. Additionally, a security interest in the Refunding Project shall be granted to the holders of this Bonds pursuant to the Master Lease, to further secure the Authority’s obligations under the Indenture.
NOTICE IS HEREBY 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 any person in interest shall have the right to contest the legality of the Bonds or the Indenture and the Master Lease (but only as they relate to 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.
DATED this November 13, 2019.
/s/ Danice Bulloch
In accordance with the Americans with Disabilities Act, Washington City will make reasonable accommodations to participate in the meeting. Request for assistance can be made by calling the City Recorder at 656-6308 at least 24 hours in advance of the meeting to be held.