PUBLIC HEARING NOTICE – BONDS TO BE ISSUED
Published: October 8, 2020
NOTICE OF PUBLIC HEARING
CITY COUNCIL OF
RICHFIELD CITY, UTAH
NOTICE IS HEREBY GIVEN pursuant to the provisions of the Utah Industrial Facilities and Development Act, Title 11, Chapter 17, Utah Code Annotated 1953, as amended (the “Act”) and Section 147 of the Internal Revenue Code of 1986, as amended, that on October 13, 2020, the City Council (the “Council”) of Richfield City, Utah (the “City”) will hold a public hearing at 75 East Center, Richfield, Utah at 7:00 p.m. regarding the issuance of the City’s Industrial Development Revenue Bonds, Series 2020 (CSS Composite Project) (or such other designation as may be determined by the City) (the “Bonds”) in the aggregate principal amount of not to exceed $10,000,000. It is anticipated that the City will loan the proceeds of the Bonds to CSS Composites, LLC, a Utah limited liability company (the “Borrower”) for the purpose of financing the costs of acquisition, construction and equipping by the Borrower of a bicycle components manufacturing facility and related facilities (the “Project”). The Project will be on 10 acres located at approximately 100 East Street and 1200 South in Richfield, Utah. The Project and related property and improvements will be owned and operated by the Borrower.
Interested individuals are invited to express their views, both orally and in writing, on the proposed issue of the Bonds and the location and nature of the Project. Comments at the public hearing are invited. Written comments may be submitted to the City Recorder at the City’s offices located at 75 East Center in Richfield, Utah, until 5:00 p.m. on October 13, 2020. Additional information may be obtained from the City Recorder at its office shown above or by calling (435) 896-6439.
The City is authorized to issue the Bonds pursuant to the Act. The Bonds will be special limited obligations of the City payable solely from amounts provided by the Borrower, including monies and securities held from time to time pursuant to a loan or other financing agreement and related security documents pursuant to which the Bonds are to be issued. The Bonds and the interest thereon will not be a debt of the City or of the State of Utah or any political subdivision, and neither the City nor the State of Utah or any political subdivision will be liable thereon, and in no event will the Bonds or the interest thereon be payable out of any funds or properties other than those of the Borrower. The Bonds will not constitute indebtedness of the City within the meaning of any constitutional or statutory debt limitation or restriction.