Notice of Public Hearing and Bonds to Be Issued July 31, 2025
Notice Tags
Bonds, Water
Notice Type(s)
Notice,
Hearing,
Bond
Event Start Date & Time
July 31, 2025 06:30 PM
Event End Date & Time
July 31, 2025 10:00 PM
Description/Agenda
NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED
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 10, 2025, the City Council (the 'Council') of Nibley City, Cache County, Utah (the 'Issuer') adopted a resolution (the 'Resolution') in which it authorized the issuance and sale of the Issuer's Taxable Water Revenue Bonds, in one or more series (the 'Bonds'), in an aggregate principal amount not to exceed $3,800,000, bearing a hardship grant assessment in lieu of interest at the maximum rate of 2.5% per annum, to mature in not more than twenty-five (25) years from their date or dates, and to be sold at a price not less than 99% of the total principal amount thereof, plus accrued interest, if any. The estimated total cost to the Issuer for the proposed Bonds, if the Bonds are held until the maximum maturity, based on the maximum hardship grant assessment in lieu of interest rate above, if any, is $5,114,231. However, the Issuer has obtained a funding approval for the Project from the State of Utah acting through its Department of Environmental Quality, Drinking Water Board (the 'DWB'), for a loan in the amount of $3,500,000, bearing a hardship grant assessment in lieu of interest at the rate of 2.5% per annum, to mature in 20 years, in which case the estimated total cost to the Issuer for the proposed bonds will be $4,451,185. Presently, the Issuer has no bonds secured by a pledge of water revenues.
NOTICE IS FURTHER GIVEN that the Issuer called a public hearing for the purpose of inviting public comment on the proposed issuance of the Bonds and the economic impact that the improvements proposed to be financed with the Bonds will have on the private sector. The public hearing will be held on July 31, 2025, at 6:30 p.m., or as soon thereafter as feasible, at Nibley City offices located at 455 W. 3200 S., Nibley, Utah 84321. As Taxable Water Revenue Bonds, no property taxes will be pledged for repayment of the Bonds.
The Bonds will be issued pursuant to the Resolution and a Final Bond Resolution (the 'Final Bond Resolution') of the Council of the Issuer, authorizing and confirming the sale of the Bonds for the purposes to (i) finance the acquisition and construction of water system improvements, including a culinary water well, and related improvements, and (ii) pay the costs of issuing the Bonds.
A draft of the Final Bond Resolution in substantially final form was before the Council and was part of the Resolution at the time of the adoption of the Resolution by the Council (collectively, the 'Bond Resolutions'). The Final Bond Resolution is to be adopted by the Council in such form and with such changes thereto as shall be approved by the Council upon the adoption thereof; provided that the principal amount, the interest rate or rates, maturity, and discount of the Bonds will not exceed the maximums set forth above.
Copies of the Bond Resolutions are on file in the office of the City Recorder of the Issuer in the Issuer's offices in Nibley, Utah, where they may be examined during regular business hours, i.e., between from 9:00 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 publication of this notice.
NOTICE IS FURTHER GIVEN that a period of thirty (30) 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 Bond Resolutions 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 their county of residence, and that after such 30-day period, no one shall have any cause of action to contest the regularity, formality or legality thereof for any reason.
July 10, 2025 Nibley City
/s/ Cheryl Bodily
City Recorder
Notice of Special Accommodations (ADA)
NOTICE OF SPECIAL ACCOMMODATION DURING PUBLIC MEETINGS
In compliance with the Americans with Disabilities Act, individuals needing special accommodations (including auxiliary communicative aids and services) during this meeting should notify Cheryl Bodily at 435-752-0431.