NOTICE IS HEREBY GIVEN pursuant to the provisions of the Utah Local Building Authority Act, Title 17D, Chapter 2, Utah Code Annotated 1953, as amended, that on October 20, 2020, the Governing Board (the “Governing Board”) of the Municipal Building Authority of Emery County, Utah (the “Issuer”) adopted a resolution (the “Resolution”) in which it authorized the issuance by the Issuer of its Lease Revenue Bonds, in one or more series (the “Bonds”) in the aggregate principal amount of not to exceed $491,000, to bear interest at the rate or rates not to exceed one-half of one percent (0.5%) per annum, to mature in not more than thirty-two (32) years from their date or dates, and to be sold at a price not less than ninety-nine percent (99%) of the total principal amount thereof. The estimated total cost to the Issuer for the proposed Bonds, if the Bonds are held until the maximum maturity, based on the maximum interest rate above, is $531,430. The Utah Permanent Community Impact Fund Board has authorized a grant to the Issuer in the amount of $7,000,000 for the Project, none of which will need to be repaid. No taxes will be pledged to secure the Bonds.
The Bonds will be issued pursuant to the Resolution, and one or more Authorizing Resolutions and a Master Resolution (collectively, the “Final Bond Resolutions”), to be adopted authorizing and confirming the sale of the Bonds for the purpose of financing, in part, the acquisition and construction of renovations to an existing building as a research laboratory, and related improvements (the “Project”), and (ii) paying the costs of issuing the Bonds.
NOTICE IS FURTHER GIVEN that the Issuer calls a public hearing for December 15, 2020, at 3:00 p.m., or as soon thereafter as feasible, in the Commission Chambers of the Emery County Commission located in the Administration Building at 75 East Main Street, in Castle Dale, Utah to receive input from the public with respect to the issuance of the Bonds and the potential economic impact that the facilities and related improvements to be paid for in whole or in part with the Bonds will have on the private sector. The maximum amount, interest rate, maturity, and discount on the Bonds will be as set forth above. As lease revenue obligations, no taxes are proposed to be pledged for repayment of the Bonds.
A draft of the Final Bond Resolutions in substantially final form was before the Governing Board and was part of the Resolution (collectively, the “Borrowing Resolutions”) at the time of its adoption by the Governing Board. The Final Bond Resolutions will be adopted by the Governing Board in such form and with such changes thereto as shall be approved by the Governing Board upon the adoption thereof; provided that the principal amount, interest rate, maturity and discount of the Bonds will not exceed the maximums set forth above.
Copies of the Borrowing Resolutions are on file in the office of the Secretary of the Municipal Building Authority of Emery County, Utah, in the County offices in Castle Dale, Utah, where they may be examined during regular business hours of the Secretary for a period of at least thirty (30) days from and after the date of publication of this notice.
NOTICE IS FURTHER GIVEN that, for a period of thirty (30) days from and after the date of the publication of this notice (the “30-day Period”), (i) any person in interest shall have the right to contest the legality of the Borrowing Resolutions, the Bonds, or any provision made for the security and payment of the Bonds, and that after the 30-day Period, no one shall have any cause of action to contest the regularity, formality or legality thereof for any cause for any reason, and (ii) registered voters within Emery County may sign a written petition requesting an election to authorize the issuance of the Bonds. If written petitions which have been signed by at least 20% of the registered voters of Emery County are filed with the Issuer during the 30-day Period, the Issuer shall be required to hold an election to obtain voter authorization prior to the issuance of the Bonds. If fewer than 20% of the registered voters of Emery County file a written petition during the 30-day Period, then absent a referendum the Issuer may proceed to issue the Bonds without an election.
DATED this October 28, 2020.
/s/ Brenda Tuttle
MBA Secretary
Published in the ETV Newspaper on November 4 and November 11, 2020.