PUBLIC NOTICE IS HEREBY GIVEN THAT the governing board of the Local Building Authority of Wellington City, Utah (the “Authority Board” and the “Authority,” respectively) adopted a resolution (the “Resolution”) declaring its intention to issue lease revenue bonds (the “Bonds”) pursuant to the Utah Local Building Authority Act, Title 17D, Chapter 2, Utah Code Annotated 1953, as amended, and calling the public hearing described below.
TIME, PLACE AND LOCATION OF PUBLIC HEARING
The Authority shall hold a public hearing on September 9, 2020, at 6:00 p.m., or as soon thereafter as feasible. The location of the public hearing is at the Council Chambers located at 150 W. Main, Wellington, Utah. The purpose of the public hearing is to receive input from the public with respect to the issuance of the Bonds and the potential economic impact that the improvement, facility, or property 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.
PARAMETERS OF THE BONDS
The Authority intends to issue the Bonds as Lease Revenue Bonds in an aggregate principal amount of not to exceed $265,000, to bear interest at the rate or rates of not to exceed 1.0% per annum, to mature in not more than twenty (20) 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, plus accrued interest to the date of delivery. The security of the Bonds will be the fire truck and related improvements to be acquired. If Bonds are issued in the full amount above, and carried to maximum maturity, at the maximum interest rate, then the amount to be repaid will be approximately $292,493. However, the City and Authority have obtained a funding commitment from the State of Utah Permanent Community Impact Fund Board (the “CIB”) for a loan in the amount of $218,000 at an interest rate of not more than 1.0% per annum, to be repaid over 15 years, in which event the amount to be repaid will be approximately $235,720. The Issuer has obtained a grant commitment in the amount of $217,000 for the Project from the CIB, none of which will need to be repaid. No taxes will be pledged for the repayment of the Bonds.
PURPOSE FOR ISSUING BONDS
The Bonds will be issued pursuant to the Resolution, and an Authorizing Resolution and Master Resolution (collectively, the “Bond Resolutions”) to be adopted by the Authority Board authorizing and confirming the sale of the Bonds for the purpose of financing, in part, (i) the acquisition and lease of a fire truck (the Equipment”), and related improvements for the benefit of the City (the “Project”) for the benefit of Wellington City, Carbon County, Utah (the “City”); and (ii) paying the costs of issuing the Bonds.
A draft of the Bond Resolutions in substantially final form were before the Authority Board and were part of the Resolution at the time of the adoption of the Resolution by the Authority Board. The Bond Resolutions will be adopted by the Authority Board in such form and with such changes thereto as shall be approved by the Authority 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 Parameters Resolutions and the Bond Resolutions are on file in the office of the Secretary of the Issuer at the City offices where they may be examined by appointment during regular business hours of the City offices, 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, for a period of thirty (30) days from and after the first date of the publication of this notice (the “30-day Period”), any person in interest shall have the right to contest the legality of the Bond Resolutions, 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 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 Wellington City 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 Wellington City 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 Wellington City 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: August 12, 2020
/s/ Glenna Nelson
Secretary
Local Building Authority of Wellington City, Utah
Published in the ETV Newspaper on August 19 and 26, 2020.