NOTICE OF BONDS TO BE ISSUED

PUBLIC NOTICE IS HEREBY GIVEN that on May 21, 2019, the Board of Trustees of Price River Water Improvement District (the “Issuer”), adopted a resolution (the “Resolution”) declaring its intention to issue its Parity Water and Sewer 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 for the purpose of (i) financing all or a  portion of the cost to construct wastewater system improvements, including replacement, repair and rehabilitation of sewer lines, together with all related work and improvements thereof ; and (ii) paying costs of issuing the Bonds.

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 3.0% 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)  construction of sewer system improvements, including  replacement, repair and rehabilitation of sewer lines, together with all related work and improvements thereof ; and (ii) paying costs of issuing the Bonds.

OUTSTANDING BONDS SECURED BY THE SAME REVENUE

The Issuer currently has outstanding bonds secured by the pledge of water and sewer system revenues, namely: 2003 Water Revenue Bond, Series 2003 sold to Utah Drinking Water Board in the original amount of $561,000; 2009 Water and Sewer Revenue Bond sold to Utah Permanent Community Impact Fund Board in the original principal amount of $225,000; 2012 Water Revenue Bond sold to  Utah Permanent Community Impact Fund Board in the original principal amount of $3,500,000; 2012 Sewer Revenue Bond sold to Utah Permanent Community Impact Fund Board in the original principal amount of $950,000; 2013 Water Revenue Bond, Series 2013 sold to Utah Permanent Community Impact Fund Board in the original principal amount of $550,000; 2013 Water and Sewer Revenue Refunding Bond sold to SunTrust Equipment Finance & Leasing Corp. in the original principal amount of $3,861,000; 2014 Parity Water and Sewer Revenue Bond sold to Utah Drinking Water Board in the original principal amount of $800,000; and 2015 Parity Water and Sewer Revenue Bond sold to Utah Water Quality Board in the original principal amount of $600,000.

ESTIMATED TOTAL COST OF THE BONDS

Although the Issuer has authorized the issuance of Bonds in the total amount of not to exceed $3,500,000, the Issuer anticipates the Bonds will actually be issued in the principal amount of $3,100,000.  If that were the case, the estimated total cost to the Issuer for the proposed Bonds is $3,978,000, including an estimated cost of interest of $878,000.

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 Clerk in Price, Utah, where it may be examined during regular business hours of the Clerk from 8:00 a.m. to 5:00 p.m., Monday through Friday.

DATED this 21st day of May, 2019.

/s/
Jaci Adams
Clerk

Published in the ETV Newspaper May 22, 2019.

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