General Information

Government Type

County

Entity

Summit County

Entity Website

http://www.summitcounty.org

Public Body

Summit County Council

Notice Information

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Notice Title

Notice of Public Hearing and Bonds to be Issued

Notice Type(s)

Notice, Meeting, Hearing

Event Start Date & Time

July 16, 2025 06:00 PM

Event End Date & Time

July 16, 2025 06:15 PM

Description/Agenda

NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED NOTICE IS HEREBY GIVEN pursuant to the provisions of the Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended, that on June 25, 2025, the County Council (the 'Council') of Summit County, Utah acting as the governing body of the Mountain Regional Water Special Service District, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Water Revenue Bonds, Series 2025 (the 'Bonds') (to be issued in one or more series, under one or more indentures and with such other series or title designation(s) as may be determined by the Issuer) and called a public hearing. PURPOSE, TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on July 16, 2025, at the hour of 6:00 p.m. at 60 N. Main Street, Coalville, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Bonds and (b) any potential economic impact that the Project to be financed with the proceeds of the Bonds may have on the private sector. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING THE BONDS The Bonds will be issued for the purpose of (a) financing the optimization and expansion of the Issuer's Signal Hill Water Treatment Plant and all related improvements, (b) funding any required debt service reserve fund, and (c) paying costs of issuance of the Bonds. REVENUES TO BE PLEDGED The Bonds are special limited obligations of the Issuer payable from the net revenues of the Issuer's water system (the 'Revenues'). PARAMETERS OF THE BONDS The Issuer intends to issue the Bonds in the aggregate principal amount of not more than Forty-Three Million Dollars ($43,000,000), to mature in not more than thirty-eight (38) years from their dated date or dated dates, to be sold at a price not less than ninety-nine percent (99%) of the total principal amount thereof, and bearing interest at a rate or rates not to exceed five and one-half percent (5.5%) per annum. The Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a General Indenture of Trust and a Supplemental Indenture of Trust (collectively, the 'Indenture'), a Bond Purchase Agreement (the 'Bond Purchase Agreement') and/or a Loan Agreement (the 'Loan Agreement'), which Indenture, Bond Purchase Agreement and Loan Agreement were before the Council in substantially final forms at the time of the adoption of the Resolution and said Indenture, Bond Purchase Agreement and Loan Agreement are to be executed by the Issuer in such forms and with such changes thereto as shall be approved by the Issuer; provided that the principal amount, interest rate or rates, maturity, and discount of the Bonds will not exceed the maximums set forth above. OUTSTANDING BONDS SECURED BY REVENUES Other than the proposed Bonds, the Issuer currently has $44,930,000 principal amount of bonds outstanding secured by the Revenues. OTHER OUTSTANDING BONDS OF THE ISSUER Information regarding all of the Issuer's outstanding bonds may be found in the Issuer's audited financial report (the 'Financial Report') at: https://reporting.auditor.utah.gov/searchreport/s/. For additional information more recent than as of the date of the Financial Report please contact Andy Garland, District General Manager (phone: 435-940-1916). TOTAL ESTIMATED COST OF BONDS Based on the Issuer's current plan of finance and a current estimate of interest rates, the total principal and interest cost of the Bonds for the Project, if held until maturity, is approximately $89,738,031. A copy of the Resolution, the Indenture, the Bond Purchase Agreement and the Loan Agreement are on file in the office of Mountain Regional Water Special Service District, 6421 North Business Park Loop, Suite A, Park City, Utah, where they may be examined during regular business hours of the Issuer from 8:30 a.m. to 5:00 p.m., Monday through Friday, for a period of at least thirty (30) days from and after the date of posting of this notice. NOTICE IS FURTHER GIVEN that a period of thirty (30) days from and after the date of the posting 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 Indenture (but only as it relates to the Bonds), the Bond Purchase Agreement, the Loan Agreement or the Bonds, or any provision 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 whatsoever. DATED this June 25, 2025. /s/ Andy Garland District Clerk

Notice of Special Accommodations (ADA)

Pursuant to the Americans with Disabilities Act, individuals needing special accommodations during this meeting should notify Annette Singleton (435) 336-3025, 615-3025, 783-4351 ext. 3025 prior to the meeting.

Notice of Electronic or Telephone Participation

To participate in Council meeting: Join Zoom webinar: https://zoom.us/j/772302472 OR To listen by phone only: Dial 1-301-715-8592, Webinar ID: 772 302 472

Meeting Information

Meeting Location

60 N. Main Street
Coalville, UT 84017
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Contact Name

Annette Singleton

Contact Email

asingleton@summitcounty.org

Contact Phone

(435)336-3025

Notice Posting Details

Notice Posted On

June 27, 2025 05:24 PM

Notice Last Edited On

June 27, 2025 05:24 PM

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