PUBLIC NOTICE IS HEREBY GIVEN that on October 6, 2022, the Administrative Control Board of North Emery Water Users Special Service District (the “Issuer”), adopted a resolution (the “Resolution”) declaring its intention to issue its Parity Water Revenue Bonds (the “Bonds”) pursuant to the Utah Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended.
The Issuer intends to issue the Bonds in the principal amount of not to exceed $900,000, to bear interest at a rate not to exceed 2.0% per annum, to mature in not to more than 35 years from their date or dates, and to be sold at a price not less than 100% of the total principal amount thereof, plus accrued interest to the date of delivery. The Bonds will specify that any installment of principal and/or interest on the Bonds which shall not be paid when due shall bear interest at the rate of 18% per annum from the due date thereof until paid.
The Issuer intends to issue the Bonds for the purpose of (i) financing all or a portion of the cost to construct culinary water system improvements, including the replacement of aged and deteriorated PRV vaults and water lines and the construction of a water tank, together with all related work and improvements to the District’s culinary water system; and (ii) paying costs of issuing the Bonds.
OUTSTANDING BONDS SECURED BY THE SAME REVENUE
The Issuer currently has an outstanding bond secured by the pledge of culinary water system revenues, namely: the 2009 Water Revenue Bond, sold to the Utah Permanent Community Impact Fund Board in the original principal amount of $560,000 and the 2019 Parity Water Revenue Bond, sold to the Utah Drinking Water Board in the original principal amount of $216,000.
ESTIMATED TOTAL COST OF THE BONDS
Although the Issuer has authorized the issuance of Bonds in the total amount of not to exceed $900,000, the Issuer anticipates the Bonds will actually be issued in the principal amount of $512,000 at 0% interest. If that were the case, the estimated total cost to the Issuer for the proposed Bonds is $512,000, with no interest payable.
NOTICE IS FURTHER GIVEN that a period of 30 days from and after the last date of 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 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.
A copy of the Resolution is on file in the office of the Secretary in Cleveland, Utah, where it may be examined during regular office hours of the Secretary from 8:00 a.m. to 3:00 p.m., Monday through Thursday, for a period of at least 30 days from and after date of the last date of publication of this Notice.
DATED this 6th day of October, 2022.
/s/ Joy Barton
Secretary
Published in the ETV Newspaper October 12, 2022.