NOTICE OF BONDS TO BE ISSUED AND OF

81637 | 04/07/2021 | Ad id: 9-0000675687-01
Details

NOTICE OF BONDS TO BE ISSUED AND OF PUBLIC HEARING CITY COUNCIL OF PARK CITY, UTAH WITH RESPECT TO NOT TO EXCEED $16,500,000 INDUSTRIAL REVENUE REFUNDING BONDS, SERIES 2021 (UNITED STATES SKI AND SNOWBOARD ASSOCIATION) 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, that on April 1, 2021, the City Council (the "Council") of Park City, Utah (the "City") adopted a resolution (the "Resolution") in which it authorized the issuance of the City's Industrial Revenue Refunding Bonds, Series 2021 (United States Ski and Snowboard Association) (with such other designation as may be determined by the City) (the "Bonds") in the aggregate principal amount of not to exceed $16,500,000 and to mature in not more than thirty years from the date of issuance. Pursuant to the Resolution, the City proposes to lend the proceeds of the Bonds to Center of Excellence Properties, LLC, a Utah limited liability company, the sole member of which is Center of Excellence Properties Fund, a Utah nonprofit corporation (the "Borrower") for the purpose of refunding all or a portion of the City's outstanding Industrial Revenue Refunding Bonds, Series 2015 (United States Ski and Snowboard Association), which refinanced the costs of the acquisition, construction, furnishing, equipping and improvement of land and a building for use as a training and office facility, to be used by the United States Ski Association, doing business as the United States Ski and Snowboard Association, along with related improvements, furnishings and equipment (the "Project") at approximately 1 Victory Lane, in Park City, Utah. The Project will be owned and operated by the Borrower. NOTICE IS FURTHER GIVEN that, in connection with the City's proposed issuance of the Bonds, the City Council will meet electronically on April 29, 2021 at 6:00 p.m. via Zoom for the purpose of conducting a public hearing. Interested individuals are invited to express their views, both orally and in writing, on the proposed issue of the Bonds. To comment virtually during the hearing, please use eComment or raise your hand on Zoom, or please feel free to call 1-877-230-5394, passcode: 2582722#. Written comments may be submitted prior to the meeting to the City at its Council office located at 445 Marsac Avenue, in Park City, Utah. Comments submitted before or during the meeting will be entered into the public record, but will not be read aloud. For more information on participating virtually and to listen live, please go to the Public Meetings page of the City website, www.parkcity.org. Additional information may be obtained from the City at its office shown above or by calling Mindy Finlinson at 435-615-5227. Subsequent to the hearing, the Council will consider approving the Bonds. 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 pursuant to a Loan Agreement to be entered into between the City and the Borrower (the "Loan Agreement"), and including monies and securities held from time to time thereunder 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 within the meaning of any constitutional or statutory debt limitation or restriction. The Bonds are to be issued and sold by the City pursuant to the Resolution (including as part of said Resolution a form of the Loan Agreement) and a Final Bond Resolution to be adopted by the City. A copy of the Resolution and the form of the Loan Agreement are on file in the office of the City Recorder of the City at 445 Marsac Avenue, Park City, Utah, where they may be examined during regular business hours of the City from 8:00 a.m. to 5:00 p.m., Monday through 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 Loan Agreement 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. Date: April 1, 2021 /s/ Michelle Kellogg City Recorder PUBLISHED IN THE PARK RECORD ON WENDESDAY APRIL 7, 2021.