NOTICE OF PUBLIC HEARING AND 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 (the “Act”), that on May 28, 2024, the City Council (the
“Council”) of the City of Orem, Utah (the “City”), adopted a resolution (the “Resolution”) in which it authorized the
issuance of the City’s Sales Tax Revenue Bonds, Series 2024 (the “Series 2024 Bonds”) (to be issued in one or more
series and with such other series or title designation(s) as may be determined by the City) and called a public hearing
to receive input from the public with respect to the issuance of the Series 2024 Bonds.
PURPOSE, TIME, PLACE AND LOCATION OF PUBLIC HEARING
The City shall hold a public hearing on July 9, 2024, at the hour of 6:00 p.m. at 56 North State Street Orem,
Utah. The purpose of the hearing is to receive input from the public with respect to the issuance of the Series 2024
Bonds and any potential economic impact that the project to be financed with the proceeds of the Series 2024
Bonds may have on the private sector. All members of the public are invited to attend and participate.
PURPOSE FOR ISSUING THE SERIES 2024 BONDS
The Series 2024 Bonds will be issued for the purpose of (a) financing the acquisition, construction,
equipping and furnishing of a fire training facility and improvements to the City’s Public Safety Building, including
the purchase of public safety vehicles and equipment, and all related improvements (the “Project”), (b) funding any
required debt service reserve fund, and (c) paying costs of issuance of the Series 2024 Bonds.
REVENUES TO BE PLEDGED
The Series 2024 Bonds will be special, limited obligations of the City payable from 100% of the Local
Sales and Use Tax revenues received by the City pursuant to Title 59, Chapter 12, Part 2, Utah Code Annotated
1953, as amended, to the payment of the Series 2024 Bonds (the “Revenues”).
PARAMETERS OF THE SERIES 2024 BONDS
The City intends to issue the Series 2024 Bonds in the aggregate principal amount of not more than Eleven
Million Dollars ($11,000,000), to mature in not more than twenty-one (21) years from their date or dates, to be sold
at a price not less than ninety-seven percent (97%) 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 Series 2024 Bonds are to be issued and
sold by the City pursuant to the Resolution, including as part of said Resolution, a General Indenture of Trust and a
Supplemental Indenture of Trust (together, the “Indenture”) which Indenture was before the Council and in
substantially final form at the time of the adoption of the Resolution.
OUTSTANDING BONDS SECURED BY REVENUES
Other than the proposed Series 2024 Bonds, the City currently has no other bonds outstanding secured by
the Revenues.
OTHER OUTSTANDING BONDS OF THE CITY
Information regarding all of the City’s outstanding bonds may be found in the City’s audited financial
report (the “Financial Report”) at: https://reporting.auditor.utah.gov/searchreports/s/. For additional information
more recent than as of the date of the Financial Report please contact Brandon Nelson, City Finance Director at
(801) 229-7010.
TOTAL ESTIMATED COST
Based on an estimate of the current interest rate and financing plan, the estimated total debt service cost of
the Series 2024 Bonds, if held until maturity is $14,742,906.
A copy of the Resolution and the Indenture are on file in the office of the Orem City Recorder, 56 North
State Street, Orem, Utah, where they may be examined during regular business hours of the City Recorder from
7:30 a.m. to 5:30 p.m. Monday through Thursday and 8:00 a.m. to 5:00 p.m. on Friday for a period of at least thirty
(30) days from and after the date of publication of this notice.
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, the Indenture (only as it relates to the Series 2024 Bonds), or the Series 2024 Bonds, or any provision
made for the security and payment of the Series 2024 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 May 28, 2024.
/s/ Teresa McKitrick
City Recorder
