Public Hearing/Main Street Bonds 7.08.08 Print E-mail

                                                   NOTICE OF PUBLIC HEARING

                                                     AND BONDS TO BE ISSUED

PUBLIC NOTICE IS HEREBY GIVEN that on June 10, 2008, the City Council of Richfield City, Sevier County, Utah (the "Issuer"), adopted a resolution (the “Resolution”) declaring its intention to issue its Street Improvement Revenue Bonds (the “Bonds”) pursuant to the Utah Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended.

                         TIME, PLACE AND LOCATION OF PUBLIC HEARING

The Issuer shall hold a public hearing on July 8, 2008, at the hour of 7:10 p.m.  The location of the public hearing is in the City Hall, 75 East Center, Richfield, Utah.  The purpose of the meeting is to receive input from the public with respect to the issuance of the Bonds and any potential economic impact to the private sector from the construction of the Project to be funded by the Bonds.  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 cost of constructing Main Street improvements including landscaping, benches, pedestrian lighting and cross walks; and (ii) paying costs of issuing the Bonds.

                                                   PARAMETERS OF THE BONDS

The Issuer intends to issue the Bonds in the principal amount of not to exceed $1,000,000, to bear interest at a rate not to exceed 3.0% per annum, to mature in not to more than 15 years from their date or dates, and to be sold at a price not less than 100% of the total principal amount thereof, plus accrued interest to the date of delivery.  The Bonds will specify that any installment of principal on the Bonds which shall not be paid when due shall bear interest at the rate of 18% per annum from the due date thereof until paid.

A copy of the Resolution is on file in the office of the City Recorder in Richfield, Utah, where it may be examined during regular business hours of the City Recorder from 8:00 a.m. to 5:00 p.m., Monday through Friday.

DATED this 10th day of June, 2008.

Michele H. Jolley                                                                                    City Recorder