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, that on July 9, 2019, the Governing Board of the Local Building Authority of Green River City, Emery County, Utah (the “Issuer“), adopted a resolution (the “Resolution”) in which it authorized the issuance of the Issuer’s Equipment Lease Revenue Bonds (the “Bonds”) in the aggregate principal amount of not to exceed $150,000, to bear interest at a rate not to exceed 2.50% per annum , to mature in not more than 12 years from their date or dates, and to be sold at a price not less than 99% of the total principal amount thereof.
NOTICE IS FURTHER GIVEN that the Issuer called and will hold a public hearing on August 13, 2019, at 7:00 p.m. or as soon thereafter as feasible. The location of the public hearing is at the Issuer’s offices at 460 East Main Street, Green River, Utah. The purpose of the meeting is to receive input from the public with respect to the issuance of the Bonds and the potential economic impact that the acquisition of the equipment for which the Bonds will pay all or part of the cost will have on the private sector. All members of the public are invited to attend and participate.
The Bond s will be issued for the purposes of (1) financing the acquisitions of certain items of equipment, and (2) paying issuance expenses of the Bonds. As equipment lease revenue bonds, no property taxes will be pledged for repayment of the Bonds.
The Issuer currently has no outstanding equipment lease revenue bonds. Although the Resolution authorizes the issuance of up to $150,000 of equipment lease revenue bonds, the Issuer currently anticipates that only $120,000 of equipment lease revenue bonds will be issued. The estimated total cost to the Issuer for said equipment lease revenue bonds if the proposed Bonds are held to maturity, based on interest rates in effect at the time that this notice is published, is $137,025,
which includes interest in the amount of $17,025.
The Bonds are to be issued and sold by the Issuer pursuant to the Resolution which was before the Governing Board of the Issuer and a Final Bond Resolution to be adopted at a future time (collectively, the “Bond Resolutions”). The Final Bond Resolution is to be adopted by the Governing Board of the Issuer 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 or rates, maturity, and discount of the Bonds will not exceed the maximums set forth above.
A copy of the Resolution is on file in the office of the Secretary of the Issuer at 460 East Main Street, in Green River, Utah, where it may be examined during regular business hours of the Secretary from 8:00 a.m. to 4:00 p.m. Monday through Friday for a period of at least thirty (30) days from and after the last date of publication of this notice.
NOTICE IS FURTHER GIVEN that a period of thirty (30) days from and after the last 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 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, no one shall have any cause of action to contest the regularity, formality or legality thereof for any cause whatsoever.
DATED this 9 day of July, 2019.
Conae Black
Secretary
Published in ETV News on July 17 and 24, 2019.