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Front Page » April 3, 2014 » Legal Notices » LOCAL BUILDING AUTHORITY OF EAST CARBON-SUNNYSIDE CITY NO...
Published 117 days ago

LOCAL BUILDING AUTHORITY OF EAST CARBON-SUNNYSIDE CITY NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED


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LOCAL BUILDING AUTHORITY OF 
EAST CARBON-SUNNYSIDE CITY
NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED

	PUBLIC NOTICE IS HEREBY GIVEN THAT the governing board of the Local
Building Authority of East Carbon-Sunnyside City, Utah (the "Authority
Board" and the "Authority," respectively) adopted a resolution (the
"Resolution") declaring its intention to issue lease revenue bonds
(the "Bonds") pursuant to the Utah Local Building Authority Act, Title
17D, Chapter 2, Utah Code Annotated 1953, as amended, and calling the
public hearing described below.

TIME, PLACE AND LOCATION OF PUBLIC HEARING
	The Authority shall hold a public hearing on April 15, 2014, at 6:30
p.m. or as soon thereafter as possible.  The location of the public
hearing is at the Authority's offices at 101 West Geneva Drive, East
Carbon-Sunnyside, Utah.  The purpose of the public hearing is to
receive input from the public with respect to the issuance of the
Bonds and the potential economic impact that the improvement,
facility, or property for which the Bonds will pay all or part of the
cost will have on the private sector. All members of the public are
invited to attend and participate.

PARAMETERS OF THE BONDS
	The Authority intends to issue the Bonds as Lease Revenue Bonds in an
aggregate principal amount of not to exceed $550,000, to bear interest
at the rate or rates of not to exceed 2.5% per annum, to mature in not
more than thirty-five (35) years from their date or dates, and to be
sold at a price not less than ninety-nine percent (99%) of the total
principal amount thereof, plus accrued interest to the date of
delivery. No taxes will be pledged for the repayment of the Bonds. 
The security of the Bonds will be the facility constructed.  The Bonds
will not be on parity with any other Bonds of the Authority or the
City or secured by the same revenues as any other bonds.  If Bonds are
issued in the full amount above, and carried to maximum maturity, at
the maximum interest rate, then the amount to be repaid will be
approximately $825,814.  However, the City and Authority anticipate
that the Bonds will not be issued in an amount in excess of $414,000
at an interest rate of not more than 2.5% per annum, to be repaid over
30 years, in which event the amount to be repaid will be approximately
$588,889. There are no other bonds currently outstanding that are
secured by the same pledge of revenues as the proposed Bonds.

PURPOSE FOR ISSUING BONDS
	The Bonds will be issued pursuant to the Resolution, and an
Authorizing Resolution and Master Resolution (collectively, the "Final
Bond Resolutions") to be adopted by the Authority Board authorizing
and confirming the sale of the Bonds for the purpose of (i) financing
in part the acquisition and construction of a cemetery, including the
purchase of property, surveying, clearing and earthwork, landscaping
and installation of an irrigation system, installation of fencing,
access drives, water lines, a cemetery data management system, and
1,450 burial plots and related improvements for the benefit of East
Carbon-Sunnyside City, Utah (the "City"); (ii) paying expenses to be
incurred in connection with the issuance and sale of the Bonds.

	A draft of the Final Bond Resolutions in substantially final form was
before the Authority Board and was part of the Resolution
(collectively, the "Borrowing Resolutions") at the time of the
adoption of the Resolution by the Authority Board.  The Final Bond
Resolutions will be adopted by the Authority Board in such form and
with such changes thereto as shall be approved by the Authority Board
upon the adoption thereof; provided that the principal amount,
interest rate, maturity and discount of the Bonds will not exceed the
maximums set forth above. 

	Copies of the Borrowing Resolutions and information on the
Authority's outstanding bonds are on file in the office of the
Secretary of the Authority at the City offices where they may be
examined during regular business hours of the Secretary from 8:30 a.m.
to 5:00 p.m., Monday through Friday, for a period of at least thirty
(30) days from and after the last date of publication of this notice.

	NOTICE IS FURTHER GIVEN that, for a period of thirty (30) days from
and after the last date of the publication of this notice (the "30-day
Period"), (i) any person in interest shall have the right to contest
the legality of the Borrowing Resolutions,  the Bonds, or any
provision made for the security and payment of the Bonds by filing a
verified written complaint in the district court of the county in
which he or she resides, and that after the 30-day Period, no one
shall have any cause of action to contest the regularity, formality or
legality thereof for any cause for any reason, and (ii) registered
voters within the City 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 within
the City are filed with the Authority during the 30-day Period, the
Authority 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 within the City file a written petition
during the 30-day Period, the Authority may proceed to issue the Bonds
without an election.

/s/   Elizabeth Holt
Secretary
Local Building Authority
 of East Carbon-Sunnyside City, Utah
Published in the Sun Advocate March 27 and April 3, 2014.
    
    

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


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