PUBLIC NOTICE IS HEREBY GIVEN that on December 19, 2022, the Board of Trustees of the Local Building Authority of Emery County Fire Protection Special Service District, Emery County, Utah (the “Issuer”), adopted a resolution (the “Resolution”) declaring its intention to issue its Lease Revenue Bonds (the “Bonds”) pursuant to the provisions of the Utah Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended and the Utah Local Building Authority Act, Title 17D, Chapter 2, Utah Code Annotated 1953, as amended (collectively, the “Act”).
The Issuer intends to issue the Bonds in the principal amount of not to exceed $1,250,000, to bear interest at a rate not to exceed 2.0% per annum, to mature in not to more than 10 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, if any, to the date of delivery. The Bonds will specify that any installment of principal 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 a portion of the cost of acquiring fire trucks and related public safety equipment; and (ii) paying costs of issuing the Bonds.
OUTSTANDING BONDS SECURED BY THE SAME REVENUE
There are no outstanding bonds secured by the revenues from the lease of the public safety equipment, which revenues are being pledged to secure the payment of the Bonds.
ESTIMATED TOTAL COST OF THE BONDS
Although the Issuer declared its intention to issue a Bond in a principal amount of up to $1,250,000 with interest at a rate not to exceed 2.0% per annum, the Issuer currently anticipates that the Bonds will be issued in the amount of $838,000 with interest at the rate of 1.0% per annum. In that case, the estimated total cost for the proposed Bonds would be $884,750, which would include interest of $46,750.
A copy of the Resolution is on file in the office of the Secretary in 75 East Main Street, Castle Dale, Utah, where it may be examined during regular business hours of the Secretary from 10:00 a.m. to 2:00 p.m., Monday through Friday.
NOTICE IS FURTHER GIVEN that pursuant to law for a period of thirty (30) days from and after the date of the publication of this notice, any person in interest shall have the right to contest the legality of the above-described Resolution of the Board of Trustees of the Authority adopted on December 19, 2022, the Master Resolution (only as it relates to the Bonds), 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.
DATED this 19th day of December, 2022.
/s/ Chase Majors
Secretary
Published in the ETV Newspaper December 28, 2022.