NOTICE IS HEREBY GIVEN pursuant to the provisions of Sections 11-14-316 of the Utah Code Annotated 1953, as amended, that on February 14, 2022, the Town Council of the Town of Scofield, Utah (the “Issuer”), adopted a resolution (the “Resolution”) in which it authorized and approved the issuance of the Issuer’s revenue bonds in one or more series (the “Bonds”) in an aggregate principal amount of not to exceed One Hundred Fifty Thousand Dollars, to mature in not more than thirty-three years from their date or dates, to bear interest at a rate or rates not to exceed one percent per annum, and to be sold at a discount from par of not to exceed two percent.
The Bonds are to be issued and sold by the Issuer pursuant to (1) the Resolution, (2) a Master Indenture (the “Master Indenture”), and (3) a Supplemental Indenture (the “Supplemental Indenture”), supplementing the Master Indenture.
The Bonds are to be issued for the purpose of (1) financing a portion of the costs of improvements to the Issuer’s water system (the “System”), including the installation of residential and commercial water meters and a SCADA system (collectively, the “Project”) and (2) paying the costs incurred in connection with the issuance and sale of the Bonds, all as set forth in the Resolution, the Master Indenture and the Supplemental Indenture.
The Bonds will be payable from and secured by the revenues of the System (the “Revenues”) and certain other funds, as more particularly described in the Master Indenture. The Issuer currently does not have any bonds outstanding that are secured by the Revenues. The estimated total cost to the Issuer for the proposed Bonds, if the Bonds are held until maturity and based on estimated interest rates currently in effect, is $118,731.
A copy of the Resolution (including drafts of the Master Indenture and Supplemental Indenture) is on file in the office of the Issuer, located at 155 East Ivy Street, in Scofield, Utah, where it may be examined by making an appointment with the clerk by calling 435 448-9221. Said Resolution (including drafts of the Master Indenture and Supplemental Indenture) will be so available for inspection for a period of at least thirty (30) days from and after the date of the publication of this notice.
NOTICE IS FURTHER GIVEN that pursuant to law for a period of thirty days from and after the date of the publication of this notice, any person in interest shall have the right to contest the legality of the above-described Resolution (including the Master Indenture and the Supplemental Indenture) of the Town Council of the Town of Scofield, Utah, or the Bonds or any provisions made for the security and payment of the Bonds, and that after such time, no one shall have any cause of action to contest the regularity, formality or legality thereof for any cause.
Published in the ETV Newspaper February 23, 2022.