NOTICE OF BONDS TO BE ISSUED

Date:  Friday March 08, 2024 (03/08/24)

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FRIDAY, MARCH 8,2024
PUBLIC NOTICE



NOTICE OF BONDS TO BE ISSUED

NOTICE IS HEREBY GIVEN pursuant to the provisions of the Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended, that on March 7, 2024, the City Council (the “Council”) of the City of St. George, Utah (the “Issuer”) adopted a resolution (the “Resolution”) in which it authorized the issuance of its General Obligation Bonds, Series 2024 (to be issued in one or more series and from time to time, with any other title or series designation) (the “Bonds”).

PURPOSE FOR ISSUING THE BONDS

Pursuant to the Resolution, the Bonds are to be issued for the purpose of (a) financing all or a portion of the costs of acquiring, constructing, and improving trails, parks and recreation facilities and amenities throughout the City for the purpose of connecting communities and revitalizing existing facilities (b) paying expenses reasonably incurred in connection with the issuance and sale of the Bonds.

PARAMETERS OF THE BONDS

The Issuer intends to issue the Bonds in the aggregate principal amount of not to exceed Twenty-Nine Million Dollars ($29,000,000), to mature in not more than twenty-five (25) years, to be sold at a price not less than ninety-seven percent (97%) of the total principal amount thereof and bearing interest at a rate or rates not to exceed five and one half percent (5.50%) per annum.

The Bonds are to be issued and sold by the Issuer pursuant to the Resolution, with such final terms and provisions as may be deemed appropriate by authorized officers of the Issuer, provided that said final terms shall not exceed the maximums set forth above.

SECURITY PLEDGED FOR THE BONDS

The Bonds are general obligations of the Issuer secured by the full faith and credit and taxing power of the Issuer.

OUTSTANDING BONDS

Other than the proposed Bonds, the Issuer currently has $-0- of general obligation bonds currently outstanding.

OTHER OUTSTANDING BONDS OF THE ISSUER

Additional information regarding the Issuer’s outstanding bonds or obligations may be found in the Issuer’s financial report (the “Financial Report”) at:  https://reporting.auditor.utah.gov/searchreport.  For additional information, including any information more recent than as of the date of the Financial Report, please contact Trevor Coombs, Administrative Services Director at (435) 627-4000.

TOTAL ESTIMATED COST

Based on the Issuer’s current plan of finance and a current estimate of interest rates, the total principal and interest cost of the Bonds if held until maturity is $ 21,593,216.67.

A copy of the Resolution is on file in the office of the City Recorder at the Issuer’s offices located at 175 East 200 North, St. George, Utah, where they may be examined during regular business hours from 8:00 a.m. to 5:00 p.m., Monday through Friday, for a period of at least thirty (30) days from and after the date of the posting of this notice.

NOTICE IS FURTHER GIVEN that a period of thirty (30) days from and after the date of the posting of this notice is provided by law during which 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.

DATED this March 7, 2024.

 

                                                                           /s/             Christina Fernandez                   

                                                                                                 City Recorder

SECTION CONTENT GOES HERE