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