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HomeMy Public PortalAboutRES-CC-2009-01CITY OF MOAB, UTAH PARAMETERS RESOLUTION JANUARY 13, 2009 RESOLUTION NO. 01-2009 A RESOLUTION AUTHORIZING A NOTICE OF INTENTION TO ISSUE NOT MORE THAN $4,900,000 OF SALES TAX REVENUE BONDS TO FINANCE RECREATIONAL IMPROVEMENTS; PROVIDING FOR PUBLICATION OF A NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED; PROVIDING FOR A PLEDGE OF LOCAL SALES AND USE TAX REVENUES FOR REPAYMENT OF THE BONDS; AND RELATED MATTERS. WHEREAS, the City Council (the "Council") of the City of Moab, Utah (the "Issuer") desires to finance a portion of the costs of the acquisition and construction of recreational improvements (the "Project") through the issuance of its bonds in one or more series under the Utah Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended (the "Act"); and WHEREAS, the Act authorizes the issuance of nonvoted excise tax revenue bonds payable from the excise tax revenues of cities, towns or counties, levied and collected by that government entity or levied by the State of Utah and rebated pursuant to law; and WHEREAS, pursuant to the provisions of the Act, the Council is authorized to issue its Taxable Sales Tax Revenue Bonds in one or more series (the "Bonds") for the purpose of financing a portion of the Project and to pay the costs of issuance of the Bonds; and WHEREAS, the Act provides that prior to issuing the Bonds an issuing entity must (i) give notice of its intent to issue such bonds and (ii) hold a public hearing to receive input from the public with respect to the issuance of the Bonds and the potential economic impact that the Project for which the bonds will pay all or part of the cost will have on the private sector; and WHEREAS, the Issuer desires to call a public hearing for this purpose and to publish a notice of such hearing with respect to the Bonds, including a notice of public hearing and bonds to be issued, in compliance with the Act; and NOW, THEREFORE, it is hereby resolved by the City Council of the City of Moab, Utah, as follows: Section 1. The Council hereby finds and determines that it is in the best interests of the Issuer and the residents thereof to issue not more than $4,900,000 aggregate principal amount of Taxable Sales Tax Revenue Bonds to bear no interest, to mature in not more than 30 years from their date or dates, and to be sold at a price not Resolution #01-2009 less than 99.0% of the total principal amount thereof, the Bonds to be issued for the purpose of (i) financing a portion of the costs of the Project, and (ii) paying issuance expenses to be incurred in connection with the issuance and sale of the Bonds. The Bonds will be issued pursuant to this Resolution and a resolution to be adopted by the Council authorizing and confirming the issuance and sale of the Bonds (herein referred to as the "Final Bond Resolution"), a draft form of which is attached hereto as Exhibit A. The Council hereby declares its intention to issue the Bonds according to the provisions of this Section and the Final Bond Resolution, when adopted. Section 2. The Issuer proposes to pledge the Local Sales and Use Tax funds received by Issuer pursuant to Title 59, Chapter 12, Part 2, Utah Code Annotated 1953, as amended, for repayment of the Bonds. Section 3. Pursuant to the Act, the Issuer shall hold a public hearing on February 24, 2009, to receive input from the public with respect to the issuance of the Bonds, which hearing date shall be not less than 14 days after (1) notice of the public hearing is first published once each week for two consecutive weeks in the Moab Times, a newspaper of general circulation in the Issuer, hereby designated as the Issuer's official newspaper pursuant to the Act, and (2) notice of the public hearing is posted on the Utah Public Notice Website. The City Recorder shall also cause a copy of this Resolution (together with all exhibits hereto) to be kept on file in the Issuer's principal offices for public examination during the regular business hours of the Issuer until at least 30 days from and after the last date of publication thereof. The Issuer directs its officers and staff to cause to be published and posted a Notice of Public Hearing and Bonds to be Issued in substantially the following form: 4833-0455-7315/MO014-001 2 MOAB CITY NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED PUBLIC NOTICE IS HEREBY GIVEN that on January 13, 2009, the City Council (the "Council") of the City of Moab, Utah (the "Issuer) adopted a resolution (the "Resolution") declaring its intention to issue its Taxable Sales Tax Revenue Bonds (the "Bonds") in one or more series pursuant to the Utah Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended, and calling the public hearing described below. TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer will hold a public hearing on February 24, 2009, at 7:00 p.m. or as soon thereafter as possible. The location of the public hearing is at the Issuer's offices at 217 East Center Street in Moab, Utah. The purpose of the meeting is to receive input from the public with respect to the issuance of the Bonds and the potential economic impact that the improvement, facility, or property for which the Bonds will pay all or part of the cost will have on the private sector. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING BONDS The Issuer intends to issue the Bonds for the purpose of (i) financing a portion of the costs of the acquisition and construction of recreational improvements, including the construction of an aquatic and recreational facility to be owned by the Issuer, and (ii) paying issuance expenses. As sales tax revenue bonds, no property taxes are pledged for repayment of the Bonds. The only taxes to be pledged for the Bonds will be the Local Sales and Use Tax funds described below. PARAMETERS OF THE BONDS The Issuer intends to issue the Bonds as Taxable Sales Tax Revenue Bonds in the aggregate principal amount of not to exceed $4,900,000, to bear no interest, to mature in not more than 30 years from their date or dates, and to be sold at a price not less than 99.0% of the total principal amount thereof, plus accrued interest to the date of delivery. EXCISE TAXES PROPOSED TO BE PLEDGED The Issuer proposes to pledge all the Local Sales and Use Tax funds received by the Issuer pursuant to Title 59, Chapter 12, Part 2, Utah Code Annotated 1953, as amended, for repayment of the Bonds and all bonds issued on parity therewith. The Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of the Resolution the draft of a Final Bond Resolution that were before the Council and attached to the Resolution in substantially final form at the time of the adoption of the Resolution. The Final Bond Resolution is to be adopted by the Council in such form and with such changes thereto as shall be approved by the Council upon the 4833-0455-7315/M0014-001 3 adoption thereof; provided that the principal amount, interest rate or rates, maturity and discount of the Bonds will not exceed the maximums set forth above. Copies of the Resolution and the Final Bond Resolution are on file in the office of the City Recorder of the Issuer at 217 East Center Street in Moab, 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 -Friday, for a period of at least thirty (30) days from and after the last date of publication of this notice. These documents are also available online at: www.moabcity.org. NOTICE IS HEREBY GIVEN that a period of thirty (30) days from and after the last 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 Final Bond Resolution, or the Bonds, or any provision made for the security and payment of the Bonds by filing a verified written complaint in the district court of the county in which he/she resides, 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 the Issuer may sign a written petition requesting an election to authorize the issuance of the Bonds. If written petitions which have been signed by at least 20% of the registered voters of Moab, Utah, are filed with the Issuer during said 30-day period, the Issuer shall be required to hold an election to obtain voter authorization prior to the issuance of the Bonds. If fewer than 20% of the registered voters of Moab, Utah, file a written petition during said 30-day period, the Issuer may proceed to issue the Bonds without an election. /s/ Rachel Ellison City Recorder Published in the Times -Independent, February 5, 12 and 19, 2008. 4833-0455-7315/M0014-001 4 Section 4. The Council hereby retains bond counsel, Smith Hartvigsen, PLLC, to prepare documents and other certificates reasonably necessary to issue the Bonds. Section 5. The City Recorder is directed to complete the attached Record of Proceedings to officially record the proceedings at which this Resolution was considered for adoption. Section 6. All resolutions or parts thereof in conflict herewith are, to the extent of such conflict, hereby repealed and this Resolution shall be in full force and effect immediately upon its approval and adoption. 4833-0455-7315/MO014-001 5 APPROVED AND ADOPTED this January 13, 2009. Mayor ATTEST: City Recorder (SEAL) 4833-0455-7315/M0014-001 RECORD OF PROCEEDINGS The Council of the Issuer met in public session at 217 East Center Street in Moab, Utah, on January 13, 2009, at the hour of 7:00 p.m. or as soon thereafter as feasible, with the following members of the Council being present: Dave Sakrison Mayor Gregg W. Stucki Councilmember Rob Sweeten Councilmember Sarah C. Bauman Councilmember Kyle D. Bailey Councilmember Jeffery Davis Councilmember Also present: Rachel Ellison Donna J. Metzler Absent: City Recorder City Manager After the meeting had been duly called to order and after other matters not pertinent to this resolution had been discussed, the City Recorder presented to the Council the attached Certificate of Compliance with Open Meeting Law with respect to this meeting. Councilmember Sweeten introduced the Resolution in writing, which was fully discussed, and moved its adoption. Councilmember Bailey seconded the motion to adopt the Resolution. The Resolution was thereupon put to a vote and adopted on the following recorded vote: Those voting YES: Councilmember Sweeten Councilmember Bailey Councilmember Bauman Councilmember Stucki Those voting NO: Councilmember Davis Thereupon the motion was approved by the Mayor and made a matter of record by the City Recorder. 4833-0455-7315/M0014-001 7 CERTIFICATE OF CITY RECORDER I, Rachel Ellison, the duly appointed and qualified City Recorder of the Issuer, certify that the attached Resolution is a true, accurate and complete copy thereof as adopted by the City Council of the Issuer at a public meeting duly held on January 13, 2009 (the "Meeting"). The persons present and the result of the vote taken at the Meeting are all as shown above. The Resolution, with all exhibits attached, was deposited in my office on January 13, 2009 and is officially of record in my possession. I further certify that I caused a "Notice of Public Hearing and Bonds to be Issued" to be published once each week for two consecutive weeks in a newspaper of general circulation in the Issuer, with the first publication at least 14 days before the public hearing called for February 24, 2009, and that I caused such notice to be posted on the Utah Public Notice Website at least 14 days before the public hearing called for February 24, 2009. Dated this 14th of January, 2009. City Recorder (SEAL) (Attach Proof of Publication of Notice of Public Hearing and Bonds to be Issued) (Attach Proof of Posting of Notice of Public Hearing and Bonds to be Issued on the Utah Public Notice Website) 4833-0455-7315/M0014-001 8 CERTIFICATE OF COMPLIANCE WITH OPEN MEETING LAW I, Rachel Ellison, the City Recorder of the Issuer do hereby certify, according to the records of the Issuer in my official possession, and upon my own knowledge and belief, that in accordance with the requirements of Section 52-4-202, Utah Code Annotated, 1953, as amended, I gave not less than 24 hours public notice of the agenda, date, time and place of the January 13, 2009, public meeting held by the Issuer as follows: (a) By causing a Meeting Notice, in the form attached, to be posted at the principal offices of the Issuer at least 24 hours prior to the convening of the meeting, the Meeting Notice having continuously remained so posted and available for public inspection until the completion of the meeting; and (b) By causing a copy of the Meeting Notice to be delivered to a newspaper of general circulation within the Issuer at least 24 hours prior to the convening of the meeting. (c) By causing a copy of the Meeting Notice to be posted on the Utah Public Notice Website at least 24 hours prior to the convening of the meeting. In addition, the attached Notice of 2009 Annual Meeting Schedule for the Council was given specifying the date, time and place of the regular meetings of the Council of the Issuer to be held during the year, by causing said Notice to be posted at the principal office of the City on February 2, 2009, and by causing a copy of said Notice to be provided to at least one newspaper of general circulation within the geographic jurisdiction of the Issuer on February 5, 12 and 19, 2009, and by causing a copy of that Notice to be posted on the Utah Public Notice Website on January 30, 2009. IN WITNESS WHEREOF, I have hereunto subscribed my official signature this January 13, 2009. City Recorder (SEAL) (Attach Meeting Notice/Agenda) (Attach Notice of 2009 Annual Meeting Schedule) Resolution #01-2009 EXHIBIT "A" FINAL BOND RESOLUTION (See Transcript Document No. ) 4833-0455-7315/M0014-001 A-1