NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED
PRICE CITY, UTAH
Pursuant to the Utah Local Government Bonding Act, Title 11, Chapter
14, Utah Code Annotated 1953, as amended (the "Act"), on August 8,
2012, the City Council (the "Council") of Price City, Utah (the
"Issuer") shall consider a resolution (the "Resolution") in which it
would authorize the potential issuance of the Issuer's Taxable Excise
Tax Road Bonds, in one or more series, in an aggregate principal
amount of not more than $300,000 (the "Bonds"), to bear no interest,
to mature in not more than 10 years from their date or dates, and to
be sold at a price not less than 98% of the total principal amount
thereof, plus accrued interest, if any, thereon.
NOTICE IS FURTHER GIVEN that the Issuer will hold a public hearing on
August 22, 2012 at 6:00 p.m. or as soon thereafter as feasible at the
City offices located at 185 East Main Street, Price, Utah. The
purpose of the public hearing is to receive public input regarding the
proposed issuance of the Bonds and the potential economic impact that
the improvement, facility, or property for which the bonds pay all or
a part of the cost will have on the private sector. As Taxable Excise
Tax Road Bonds, no property taxes will be pledged for repayment of the
The Bonds, pursuant to the Resolution, and a Bond Resolution to be
adopted authorizing the sale of the Bonds, are to be issued for the
purpose of (i) financing the acquisition and construction of road
improvements and related matters; (ii) paying costs associated with
the issuance of the Bonds.
The Issuer proposes to pledge 100% of the Class B & C Road Funds
received by Issuer pursuant to Sections 72-2-107 through 72-2-110,
Utah Code Annotated 1953, as amended, for repayment of the Bonds.
Copies of the Resolution and the Bond Resolution are on file in the
office of the City Recorder in the City offices, where they 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 the last date of publication of this notice.
NOTICE IS FURTHER GIVEN that a period of 30 days after the last 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
Resolution, the Bond Resolution, 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/she resides,
and that after such time, other than referendum rights, no one shall
have any cause of action to contest the regularity, formality or
legality thereof for any cause whatsoever. If written petitions which
have been signed by at least 20% of the registered voters of the
Issuer, 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.Â If fewer than
20% of the registered voters of the Issuer, file a written petition
during said 30-day period, the Issuer may proceed to issue the Bonds
without an election.
DATED this August 7, 2012.
/s/ Laurie Tryon
Published in the Sun Advocate August 7 and 14, 2012.
These legal notices, along with those from other fine Utah newspapers, can be viewed at www.utahlegals.com