PUBLIC NOTICE IS HEREBY GIVEN that on February 16, 2021, 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 construction of emergency chemical treatment facilities, modification of aeration systems, installation of additional instrumentation and control systems, replacement of outdated equipment and construction of an outfall building, gates, clarifiers, clarifier drives, piping and appurtenances, together with all related work and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 $3,700,000, to bear interest at a rate not to exceed 2.0% per annum, to mature in not to more than 25 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 construction of emergency chemical treatment facilities, modification of aeration systems, installation of additional instrumentation and control systems, replacement of outdated equipment and construction of an outfall building, gates, clarifiers, clarifier drives, piping and appurtenances, together with all related work and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: Series 2003 Water Revenue Bond sold to the Utah Drinking Water Board in the original principal amount of $1,040,000; Series 2009 Water and Sewer Revenue Bond sold to the Utah Permanent Community Impact Fund Board in the original principal amount of $225,000; Series 2012 Water Revenue Bond sold to the Utah Permanent Community Impact Fund Board in the original principal amount of $2,500,000; Series 2012 Sewer Revenue Bond sold to the Utah Permanent Community Impact Fund Board in the original principal amount of $950,000; Series 2013 Water Revenue Bond sold to the Utah Permanent Community Impact Fund Board in the original principal amount of $550,000; Series 2014 Parity Water and Sewer Revenue Bond sold to the Utah Drinking Water Board in the original principal amount of $800,000; Series 2015 Parity Water and Sewer Revenue Bond sold to the Utah Water Quality Board in the original principal amount of $600,000; Series 2019 Parity Water and Sewer Revenue Bond sold to the Utah Permanent Community Impact Fund Board in the original principal amount of $3,100,000.
ESTIMATED TOTAL COST OF THE BONDS
Although the Issuer has authorized the issuance of Bonds in the total amount of not to exceed $3,700,000, the Issuer anticipates the Bonds will actually be issued in the principal amount of $3,200,000. If that were the case, the estimated total cost to the Issuer for the proposed Bonds is $3,546,630, including an estimated cost of interest of $346,630.
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 16th day of February, 2021.
/s/ Jaci Adams
Clerk
Published in the ETV Newspaper February 24, 2021.