NOTICE IS HEREBY GIVEN pursuant to the provisions of the Utah Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended (the “Act”), that on January 11, 2023, the City Council (the “City Council”) of Wellington City, Carbon County, Utah (the “Issuer”), adopted a resolution (the “Resolution”) in which it authorized the issuance of the Issuer’s Irrigation / Secondary Water Revenue Bonds, in one or more series, in an amount of not more than $750,000 aggregate principal amount (the “Bonds”), to bear interest at a rate or rates not to exceed one percent (1.0%) per annum, to mature in not more than eighteen (18) years from their date or dates, and to be sold at a price not less than 99% percent of the total principal amount thereof, plus accrued interest, if any, thereon. 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 approximately $819,836. However, the Issuer anticipates that the Bonds will not be issued in an amount in excess of $484,000 at an interest rate of one percent (1.0%) per annum, to be repaid over fifteen (15) years, in which event the amount to be repaid will be approximately $525,560. Presently, the Issuer has no more than $351,000 in outstanding Bonds secured by a pledge of irrigation / secondary water revenues. The State of Utah Department of Natural Resources, Board of Water Resources has authorized a grant to the Issuer in the amount of up to $1,328,000 for the Project, none of which will need to be repaid. As irrigation / secondary water revenue Bonds, no taxes will be pledged to repay the Bonds.
NOTICE IS FURTHER GIVEN that the Issuer called a public hearing for the purpose of inviting public comment on the proposed issuance of the Bonds and the economic impact that the improvements proposed to be financed with the Bonds will have on the private sector. The public hearing will be held on February 8, 2023, at 6:00 p.m., or as soon thereafter as feasible, at 150 West Main Street, Wellington, Utah.
The Bonds, pursuant to the Resolution, and a Bond Resolution to be adopted authorizing and confirming the sale of the Bonds (the “Bond Resolution”) are to be issued for the purpose to finance, in part, (i) the acquisition and installation of irrigation / secondary water system improvements, including the installation of secondary water meters, and related improvements (the “Project”), and (ii) to pay the costs of issuing the Bonds.
A draft of the Bond Resolution in substantially final form was before the City Council and was part of the Resolution at the time of its adoption by the City Council (collectively, the “Bond Resolutions”). The Bond Resolution is to be adopted by the City Council in such form and with such changes thereto as shall be approved by the City Council upon the adoption thereof, provided that the principal amount, interest rate or rates, maturity and discount of the Bonds will not exceed the maximums set forth above.
Copies of the Bond Resolutions are on file in the office of the City Recorder in the Issuer, located at 150 W, Main Street, Wellington, Utah, where they may be examined during regular business hours of the Issuer are Monday through Thursday 8:00 a.m. to 5:00 p.m. and Fridays 8:00 a.m. to Noon (12:00 p.m.) for 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 is provided by law during which any person in interest shall have the right to contest the legality of the Resolution, the Bond Resolution, the Bonds, or any provision made for the security and payment of the Bonds by filing a verified written complaint in the district court of the county in which he or she resides and that after such time, except for referendum rights, no one shall have any cause of action to contest the regularity, formality or legality thereof for any cause whatsoever.
DATED: January 11, 2023.
/s/ Rebecca Evans
Published in the ETV Newspaper January 25, 2023.