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Vernal City, Utah Notice of Public Hearing and Intent to Issue Sales Tax Revenue Bonds
Public Notice is hereby given that the City Council (the “Council”) of Vernal City, Utah (the “City”), shall hold a public hearing to receive input from the public with respect to the issuance of its Sales Tax Revenue Bonds (the “Bonds”) to finance all or a portion of the cost of funding a façade grant improvement program for businesses in the City (the “Project”) and the potential economic impact that the Project will have on the private sector, pursuant to the Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended (the “Act”).
Purpose for Issuing Bonds
The City intends to issue the Bonds for the purpose of (1) financing all or a portion of the costs of the Project, (2) funding any necessary reserves and contingencies in connection with the Bonds, and (3) paying the costs incurred in connection with the issuance and sale of the Bonds.
Maximum Principal Amount of the Bonds
The City intends to issue the Bonds in an aggregate principal amount not exceeding Three Million Dollars ($3,000,000).
Sales Taxes Proposed to be Pledged
The City proposes to pledge to the payment of the Bonds all of the legally available revenues from Local Sales and Use Taxes received by the City pursuant to Title 59, Chapter 12, Part 2, Utah Code.
Time, Place and Location of Public Hearing
The City will hold a public hearing during its City Council meeting that begins at 7:15 p.m. on April 6, 2022. The public hearing will be held at the regular meeting place of the Council at 374 East Main Street, in Vernal, Utah. All members of the public are invited to attend and participate in the public hearing. Written comments may be submitted to the City, to the attention of the City Recorder, prior to the public hearing.
Purpose for Hearing
The purpose of the hearing is to receive input from the public with respect to the issuance of the Bonds and the potential economic impact that the Project will have on the private sector.
Notice of Right to File Petition to Hold an Election
Notice is Further Given that pursuant to Section 11-14-307(7), Utah Code, if within 30 calendar days of the posting of this notice on March 23, 2022, a written petition requesting an election and signed by at least twenty percent (20%) of the registered voters of the City is filed with the City, then the City shall submit the question of whether or not to issue the Bonds to the voters of the City for their approval or rejection.
If no written petition is filed or if fewer than 20% of the registered voters of the City sign a written petition, in either case, within 30 calendar days of the posting of this notice on March 23rd , 2022, the City may proceed to issue the Bonds without an election.
Dated March 23, 2022.
Vernal City, Utah