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 February 20, 2024, the Board of County Commissioners of Emery County, Utah acting as the Governing Body (the “Board”) of the Castle Valley Special Service District, Emery County, Utah (the “Issuer”), adopted a resolution (the “Resolution”) in which it called a public hearing and authorized the issuance of the Issuer’s General Obligation Bonds (the “Bonds”) in the aggregate principal amount of not to exceed One Million Seven Hundred Fifty Thousand Dollars ($1,400,000), to bear interest at a rate or rates of not to exceed one and one-half percent (1.5%) per annum, to mature in not more than eight (8) years from their date or dates, at a price not less than ninety-eight percent (98%) of the total principal amount thereof, plus accrued interest to the date of delivery. 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 $1,486,553. However, the Issuer anticipates that the Bonds will not be issued in an amount in excess of $1,200,000 at an interest rate of one and one-half percent (1.5%) per annum, to be repaid over six (6) years, in which event the amount to be repaid will be approximately $1,237,485. Presently, the Issuer has no more than $4,491,000 in outstanding bonds secured by a pledge of the full faith and credit of the Issuer. The Utah Permanent Community Impact Fund Board has authorized a grant to the Issuer in the amount of $1,685,000 for the Project(s).
The Bonds will be issued pursuant to an Election duly passed on November 5, 2019, from which it appears that the total number of votes cast at the Election in favor of the issuance of General Obligation Bonds was 1170 and that the total number of votes cast at said election against the issuance of said bonds was 433 and there were 0 mutilated ballots.
NOTICE IF FURTHER GIVEN that the Board of County Commissioners of Emery County, Utah acting as the Governing Body of the Castle Valley Special Service District, Utah, calls a public hearing for March 19, 2024, at 3:00 p.m., or as soon thereafter as feasible, in the County Commission Chambers 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 general obligation bonds, ad valorem (real) property taxes are proposed to be pledged for repayment of the Bonds and will be secured by a full faith and credit pledge of ad valorem (real) property taxes.
The Bonds will be issued pursuant to a Final Bond Resolution to be adopted authorizing and confirming the sale of the Bonds for the purpose of paying all or part of the costs of (i) acquiring or improving, through purchase or construction or both, facilities for the collection and treatment of sewage; facilities used in connection with the acquisition, treatment, storage, transportation, and supply of water for domestic, industrial secondary and other purposes; drainage and storm sewer facilities, including curbs and gutters; and transportation facilities consisting of roads, sidewalks and related bridges and viaducts; together with all necessary land, rights-of-way, equipment and furnishings therefor, and including such legal, engineering, and fiscal agent expenses reasonably incurred in connection with the acquisition of such facilities in and for the District (collectively, the “Project”), and (ii) paying the costs of issuing the Bonds.
The Final Bond Resolution will be adopted by the Board in such form and with such changes thereto as shall be approved by the 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 this Resolution and the Final Bond Resolution are on file in the office of the Issuer at 20 South 100 East, Castle Dale, Utah and in the office of the County Clerk/Auditor at 75 East Main in Castle Dale, Utah, where they may be examined during regular business hours of the Issuer and of the County Clerk/Auditor for a period of at least thirty (30) days from and after the public hearing.
NOTICE IS HEREBY GIVEN that a period of thirty (30) days from and after the public hearing is provided by law during which any person in interest shall have the right to contest the legality of the Final Bond Resolution, or 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/she resides, and that after such time, other than referendum rights no one shall have any cause of action to contest the regularity, formality or legality thereof for any cause whatsoever.
Dated: February 20, 2024
/s/ Brenda Tuttle
County Clerk/Auditor
Published in the ETV Newspaper February 28, 2024.