Public Notice

NOTICE OF PUBLIC HEARING AND 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 (the “Act”), that on May 11, 2021, the City Council (the “Council”) of Clearfield City, Utah (the “City”), adopted a resolution (the “Resolution”) in which it authorized the issuance of the City’s Sales Tax Revenue Bonds, Series 2021 (the “Series 2021 Bonds”) (to be issued in one or more series and with such other series or title designation(s) as may be determined by the City), and called a public hearing to receive input from the public.

TIME, PLACE, LOCATION AND PURPOSE OF PUBLIC HEARING

The City shall hold a public hearing on June 8, 2021, at the hour of 7:00 p.m. at 55 South State Street, Clearfield City, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Series 2021 Bonds for the Project described herein and (b) any potential economic impact that the public infrastructure including roads, water, sewer and other improvements Project to be financed with the proceeds of the Series 2021 Bonds may have on the private sector. All members of the public are invited to attend and participate.

PURPOSE FOR ISSUING THE SERIES 2021 BONDS

The Series 2021 Bonds will be issued for the purpose of (a) financing public infrastructure improvements, including roads, water, sewer and other related improvements (the “Project”), (b) funding any debt service reserve funds, as desirable and (c) paying costs of issuance of the Series 2021 Bonds.

PARAMETERS OF THE SERIES 2021 BONDS

The City intends to issue the Series 2021 Bonds in the aggregate principal amount of not more than Nineteen Million Five Hundred Thousand Dollars ($19,500,000), to mature in not more than twenty-five (25) years from their date or dates, to be sold at a price not less than ninety-eight percent (98%) 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 Series 2021 Bonds are to be issued and sold by the City pursuant to the Resolution and a General Indenture of Trust and a Supplemental Indenture to be entered into in connection with the Series 2021 Bonds (together, the “Indenture”) which were before the Council in substantially final form at the time of the adoption of the Resolution and said Supplemental Indenture is to be executed by the City in such form and with such changes thereto as shall be approved by the City; provided that the principal amount, interest rate or rates, maturity, and discount of the Series 2021 Bonds will not exceed the maximums set forth above. The City reserves the right to not issue the Series 2021 Bonds for any reason and at any time up to the issuance of the Series 2021 Bonds.

SALES AND USE TAXES PROPOSED TO BE PLEDGED
The City proposes to pledge 100% of the local sales and use tax revenues received by the Issuer pursuant to the Local Sales and Use Tax Act, Title 59, Chapter 12, Part 2 of the Utah Code for the payment of the Series 2021 Bonds (the “Revenues”).

OUTSTANDING BONDS SECURED BY PLEDGED TAXES
The City currently has $7,526,000 of parity bonds outstanding secured by the Revenues.

OTHER OUTSTANDING BONDS OF THE CITY
Additional information regarding the City’s outstanding bonds may be found in the City’s financial report (the “Financial Report”) at: http://secure.utah.gov/auditor-search/. For additional information, including any information more recent than as of the date of the Financial Report, please contact at Richard Knapp, Finance Director at (801) 525-2700.

TOTAL ESTIMATED COST OF BONDS
Based on the City’s current plan of finance and a current estimate of interest rates, the total principal and interest cost of the Series 2021 Bonds, if held until maturity, is $23,730,237.
A copy of the Resolution and the Indenture are on file in the office of the City Recorder 55 South State Street, Clearfield City, Utah, where they may be examined during regular business hours of the City Recorder 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 publication of this notice.

NOTICE IS FURTHER 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 (i) any person in interest shall have the right to contest the legality of the Resolution, the Indenture (only as it pertains to the Series 2021 Bonds), or the Series 2021 Bonds, or any provision made for the security and payment of the Series 2021 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 and (ii) registered voters within Clearfield City, Utah may sign a written petition requesting an election to authorize the issuance of the Series 2021 Bonds. If written petitions which have been signed by at least 20% of the registered voters of Clearfield City, Utah are filed with the City during said 30-day period, the City shall be required to hold an election to obtain voter authorization prior to the issuance of the Series 2021 Bonds. If fewer than 20% of the registered voters of Clearfield City, Utah file a written petition during said 30-day period, the City may proceed to issue the Series 2021 Bonds without an election.

DATED this May 11, 2021.
/s/Nancy R. Dean, City Recorder