NOTICE IS HEREBY GIVEN pursuant to the provisions of the Utah Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended, and the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended, that on November 7, 2024, the City Council (the “Council”) of the City of Helper, Utah (the “Issuer”) adopted a resolution (the “Resolution”) in which it authorized the issuance of the Issuer’s Taxable Water Revenue and Refunding Bonds (the “Bonds”) in the aggregate principal amount of not to exceed $3,000,000, to bear no interest, to mature in not more than 40 years from their date or dates, and to be sold at a price not less than 99% of the total principal amount thereof. The estimated total cost to the Issuer for the proposed Bonds, if the Bonds are held until the maximum maturity, based on the maximum interest rate above, is $3,000,000. However, the Issuer has obtained a commitment from the Utah Drinking Water Board to purchase the Bonds in the amount of $2,712,000 with a maximum amount of principal forgiveness of $300,000 and a maximum repayable principal amount of $2,412,0000, meaning that the maximum amount to by repaid by the Issuer will be $2,412,000. Presently, the Issuer has no more than $7,009,000 in outstanding bonds secured by a pledge of water revenues.
NOTICE IS FURTHER GIVEN that the Issuer called a public hearing for the purpose of inviting public comment on the proposed issuance of the Bonds and the economic impact that the improvements proposed to be financed with the Bonds will have on the private sector. The public hearing will be held on December 5, 2024, at 6:00 p.m. or as soon thereafter as feasible, at the Council Chambers located at 19 South Main Street, Helper, Utah. As Water Revenue and Refunding Bonds no taxes will be pledged to repay the Bonds.
The Bonds will be issued pursuant to the Resolution and a Final Bond Resolution to be adopted authorizing and confirming the sale of the Bonds for the purposes of (i) financing the costs of constructing drinking water system improvements and related improvements, (2) refunding the Issuer’s Taxable Water Revenue Bonds, Series 2015 to reduce the annual payment amount by extending the maturity, and (iii) paying the costs of issuance of the Bonds.
A draft of the Final Bond Resolution in substantially final form was before the Council and was part of the Resolution (collectively, the “Bond Resolutions”) at the time of its adoption by the City Council. The Final Bond Resolution will be adopted by the Council in such form and with such changes thereto as shall be approved by the Council upon the adoption thereof; provided that the principal amount, interest rate, maturity and discount of the Bonds will not exceed the maximums set forth above.
A copy of the Bond Resolutions and information on the Issuer’s outstanding bonds are on file in the office of the City Recorder of the Issuer at the Issuer’s offices in Helper, Utah, where they may be examined during regular business hours of the City Recorder 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 first date of publication of this notice.
NOTICE IS HEREBY GIVEN that a period of thirty (30) days from and after the first 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 Final Bond Resolutions, or the Bonds, or any provision made for the security and payment of the Bonds by filing a verified written complaint in the District court of the county in which he/she resides, and that after such time, other than referendum rights, no one shall have any cause of action to contest the regularity, formality or legality thereof for any cause whatsoever.
/s/Zack Tonc
City Recorder
Published in the ETV Newspaper November 27 and December 4, 2024.