PUBLIC NOTICE IS HEREBY GIVEN that on September 12, 2023, the Mayor and City Council of the City of Green River (the “Issuer”), adopted a resolution (the “Resolution”) declaring its intention to issue its 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 $3,500,000, to bear interest at a rate not to exceed 4.0% 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 of for the purpose of improving and upgrading its water treatment plant, well, PRV station, SCADA system, pipelines and repairing and recoating its steel tank, together with related improvements; and (ii) paying costs of issuing the Bonds.
OUTSTANDING BONDS SECURED BY THE SAME REVENUE
There are no outstanding bonds secured by the pledge of water system revenues, 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 $3,500,000 with interest at a rate not to exceed 4.0% per annum, the Issuer currently anticipates that the Bonds will be issued in the amount of $2,045,000 bearing interest at a rate of 3.16%. In that case, the estimated total cost for the proposed Bonds would be $3,211,521.90, which would include interest of $1,166,521.90.
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 City Recorder in the City of Green River, Utah, where it may be examined during regular business hours of the City Recorder from 8:00 a.m. to 4:00 p.m., Monday through Friday.
DATED this 12th day of September, 2023.
/s/ Julie Spadafora
Published in the ETV Newspaper September 20, 2023.