The Payson Chronicle

Thursday, September 17, 2026

Commercial Place Mural Update — September 17, 2026

Public Hearing: Bonds to be Issued - Payson City Sales Tax Revenue Bonds Series 2026

Payson City Council

Notice Date & Time: 10/7/26 6:00 PM

Description/Agenda:

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 September 16, 2026, the City Council (the 'Council') of Payson City, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') authorizing the issuance of the Issuer's Sales Tax Revenue Bonds, Series 2026 (the 'Series 2026 Bonds'), to be issued in one or more series and with such other series or title designation(s) as may be determined by the Issuer and called a public hearing to receive input from the public with respect to the issuance of the Series 2026 Bonds.

PURPOSE, TIME, PLACE AND LOCATION OF PUBLIC HEARING

The Issuer shall hold a public hearing on October 7, 2026, at the hour of 6:00 p.m. at 439 West, Utah Avenue, Payson, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Series 2026 Bonds and (b) any potential economic impact that the project to be financed with the proceeds of the Series 2026 Bonds may have on the private sector. All members of the public are invited to attend and participate.

PURPOSE FOR ISSUING THE SERIES 2026 BONDS

The Series 2026 Bonds will be issued for the purpose of (a) financing all or a portion of the construction of a fire station and all related improvements (the 'Series 2026 Project'), (b) funding a deposit to a debt service reserve fund, if necessary, and (c) paying costs of issuance of the Series 2026 Bonds.

PARAMETERS OF THE SERIES 2026 BONDS

The Issuer intends to issue the Series 2026 Bonds in the aggregate principal amount of not more than Six Million, Four Hundred Thousand Dollars ($6,400,000), to mature in not more than twenty (20) years from their date or dates, to be sold at a price of not less than ninety-seven percent (97%) of the total principal amount thereof, and to bear interest at a rate or rates not to exceed six percent (6.00%) per annum. The Series 2026 Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution a General Indenture of Trust, as previously supplemented and as further supplemented by a Supplemental Indenture of Trust (together, the 'Indenture'), which will be before the City Council in substantially final form at the time of the adoption of the Resolution.

REVENUES PROPOSED TO BE PLEDGED

The Issuer proposes to pledge toward the payment of the Series 2026 Bonds all or any portion of revenues produced by the local sales and use taxes received by the Issuer.

OUTSTANDING BONDS SECURED BY REVENUES

The Issuer currently has $0 of outstanding bonds secured by the revenues.

OTHER OUTSTANDING BONDS OF THE ISSUER

Information regarding all of the Issuer's outstanding bonds may be found in the Issuer'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 the City Manager at (801) 465-5200.

TOTAL ESTIMATED COST

Based on an estimate of the current interest rate and financing plan, the estimated total debt service cost of the Series 2026 Bonds, if held until maturity is $10,135,700.

A copy of the Resolution and the Indenture will be on file in the office of the City Recorder, 439 West, Utah Avenue, Payson, Utah, where they may be examined during regular business hours of the City Recorder from 7:30 a.m. to 6:00 p.m., Monday through Thursday, for a period of at least thirty (30) days from and after the date of the posting of this notice.

NOTICE IS FURTHER GIVEN that a period of thirty (30) days from and after the date of the posting 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 (but only as it relates to the Series 2026 Bonds), or any provision made for the security and payment of the Series 2026 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 September 17, 2026.

/s/ Amalie R. Ottley

City Recorder

Notice of Special Accommodations:

In accordance with the Americans with Disabilities Act, Payson City will make reasonable accommodations to participate in the meeting. Requests for assistance can be made by calling 465-5205 at least 48 hours in advance of the meeting to be attended.

Notice of Electronic or telephone participation:

Some Councilmembers may attend by Electronic Device.

Other information:

The order of agenda items may change to accommodate the needs of the City Council, staff, and/or public. A Closed Session may be called to order pursuant to Utah State Code 54-4-204 and 54-4-205.

Location:

439 W Utah Ave, Payson, 84651

Contact information:

Amalie Ottley , amalieo@paysonutah.gov