NOTICE OF BONDS TO BE ISSUED
NOTICE IS HEREBY GIVEN pursuant to the provisions of the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended, that on July 26, 2016, the Mayor and City Council (the “Governing Body”) of Richfield City, Sevier County, Utah (the “Issuer”), adopted a resolution (the “Resolution”) in which it authorized the issuance of the Issuer’s Sales Tax Revenue Refunding Bonds, Series 2016 (or such other series or title designations as may be determined by the Issuer) (the “Series 2016 Bonds”) in the aggregate principal amount of not to exceed $600,000.00, to mature in not more than fourteen (14) years from their date or dates, to be sold at a discount from par, expressed as a percentage of the principal amount, of not to exceed two percent, and to bear interest at a maximum rate or rates of not to exceed four percent (4.0%) per annum, plus accrued interest to the date of delivery. No deposit is currently contemplated in connection with the sale of the Bonds.
The Series 2016 Bonds will be issued for the purpose of (a) refinancing all or a portion of certain outstanding Sales Tax Revenue Bonds, Series 2008 (the “Refunded Bonds”) of the Issuer, (b) funding a debt service reserve fund, if necessary, and (c) paying costs of issuance of the Series 2016 Bonds.
The Series 2016 Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a Master Resolution, which were before the Governing Body at the time the Resolution was adopted.
The Series 2016 Bonds are special limited obligations of the Issuer payable from a pledge of 100% of the 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 Utah Code Annotated 1953, as amended.
A copy of the Resolution and the Master Resolution are on file in the office of the City Recorder, 75 East Center, Richfield, 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 any person in interest shall have the right to contest the legality of the Resolution, the Master Resolution (only as it relates to the Series 2016 Bonds), or the Series 2016 Bonds, or any provision made for the security and payment of the Series 2016 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 July 26, 2016.