Notice Date & Time: 7/12/16 11:00 AM
NOTICE OF 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, that on July 12, 2016, the Board of County Commissioners (the 'Commission') of Weber County, Utah (the 'Issuer') adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's General Obligation Bonds, Series 2016 (to be issued in one or more series and from time to time, with any other title or series designation) (the 'Bonds').
PURPOSE FOR ISSUING THE BONDS
Pursuant to the Resolution, the Bonds are to be issued for the purpose of (a) paying all or part of the cost of acquiring, constructing, furnishing and equipping libraries and related improvements and (b) paying related expenses.
PARAMETERS OF THE BONDS
The Issuer intends to issue the Bonds in the aggregate principal amount of not to exceed Twelve Million One Hundred Ten Thousand Dollars ($12,110,000), to mature in not more than twenty-one (21) years, 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 Bonds are to be issued and sold by the Issuer pursuant to the Resolution, with such final terms and provisions as may be deemed appropriate by authorized officers of the Issuer, provided that said final terms shall not exceed the maximums set forth above.
A copy of the Resolution is on file in the office of the County Clerk/Auditor at the Issuer's offices located at 2380 Washington Blvd, Suite 320, Ogden, Utah, where they may be examined during regular business hours from 8:00 a.m. to 5:00 p.m. for a period of at least thirty (30) days from and after the date of publication of this notice.
SECURITY PLEDGED FOR THE BONDS
The Bonds are general obligations of the Issuer secured by the full faith and credit and taxing power of the Issuer.
OUTSTANDING BONDS SECURED BY THE FULL FAITH AND CREDIT AND TAXING POWER OF THE ISSUER
The Issuer currently has outstanding $36,280,000 principal amount of general obligation bonds that are secured by the full faith and credit and taxing power of the Issuer.
OTHER OUTSTANDING BONDS OF THE ISSUER
Additional information regarding the Issuer's outstanding bonds may be found in the Issuer's financial report (the 'Financial Report') at: http://auditor.utah.gov/accountability/financial-reports-of-local-governments. For additional information, including any information more recent than as of the date of the Financial Report, please contact the office of the County Clerk/Auditor, at (801) 399-8400.
TOTAL ESTIMATED COST
Based on the Issuer's current plan of finance and a current estimate of interest rates, the total principal and interest cost of the Bonds if held until maturity is $17,387,956.
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 or the Bonds, or any provision made for the security and payment of the 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 12, 2016.
