City Council Notice of Public Hearing
Date(s) - 10/21/2020
Categories No Categories
NOTICE IS HEREBY GIVEN pursuant to the provisions of the Utah Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended, that on September 16, 2020, the City Council (the “Council”) of Providence City, Utah (the “Issuer”), adopted a resolution (the “Resolution”) in which it authorized the issuance and sale of the Issuer’s Water Revenue Bonds (herein, the “Bonds”) in an aggregate principal amount not to exceed $2,000,000, to bear interest at a rate or rates not to exceed one and one-half percent (1.5%) per annum, to mature in not more than thirty-two (32) 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. 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 $2,519,480. However, the Issuer anticipates that the Bonds will not be issued in an amount in excess of $1,990,000 at an interest rate of not more than one and one-half percent (1.5%) per annum, to be repaid over thirty (30) years, in which event the amount to be repaid will be approximately $2,486,230. Presently, the Issuer has no more than $324,000 in outstanding bonds secured by a pledge of water revenues. No taxes will be pledged to secure the Bonds.
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