PUBLIC HEARING ON BONDS TO BE ISSUED to receive input from the public with respect to (a)the issuance of the Series 2026 Bonds and (b) any potential economic impact that the Series 2026 Project to be financed with the proceeds of the Series 2026 Bonds may have on the private sector. A copy of the Bond Resolution and Indenture are available for public examination at Heber Light & Power.
NOTICE IS HEREBY GIVEN pursuant to the provisions of the Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended (the 'Act'), that on October 22, 2025, the Board of Directors (the 'Board') of Heber Light & Power Company (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Electric Revenue Bonds, Series 2026 (the 'Series 2026 Bonds') (to be issued in one or more series and with such other series or title designation(s) as may be determined by the Issuer) and called a public hearing to receive input from the public with respect to (a) the issuance of the Series 2026 Bonds and (b) any potential economic impact that the Series 2026 Project (defined below) to be financed with the proceeds of the Series 2026 Bonds may have on the private sector.
TIME, PLACE AND LOCATION OF PUBLIC HEARING
The Issuer shall hold a public hearing on November 19, 2025, at the hour of 6:00 p.m. at the Heber Light & Power boardroom, located at 31 South 100 West, Heber City, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Series 2026 Bonds, and (b) any potential economic impact that the Series 2026 Project to be financed with the proceeds of the Series 2026 Bonds may have on the private sector. All members of the public are invited to attend and participate.
PURPOSE FOR ISSUING THE SERIES 2026 BONDS
The Series 2026 Bonds will be issued for the purpose of (a) financing the construction of a power plant, and a substation and related improvements (the 'Series 2026 Project'), (b) fund a debt service reserve account, if necessary, and (c) pay costs of issuance with respect to the Series 2026 Bonds.
PARAMETERS OF THE SERIES 2026 BONDS
The Issuer intends to issue the Series 2026 Bonds in the aggregate principal amount of not more than Twenty-Eight Million Dollars ($28,000,000), to mature in not more than thirty-one (31) years from their date or dates, to be sold at a price not less than ninety-seven percent (97%) of the total principal amount thereof and bearing interest at a rate or rates not to exceed six and one half percent (6.50%) per annum. The Series 2026 Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a Trust Indenture and a Supplemental Indenture of Trust (together, the 'Indenture') which were before the Board at the time of the adoption of the Resolution and said Indenture is to be executed by the Issuer in such form 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 Series 2026 Bonds will not exceed the maximums set forth above. The Issuer reserves the right to not issue the Series 2026 Bonds for any reason and at any time up to the issuance of the Series 2026 Bonds.
REVENUES PROPOSED TO BE PLEDGED
The Series 2026 Bonds are special limited obligations of the Issuer payable from the net revenues of the Issuer's Electric System (the 'System').
OUTSTANDING BONDS SECURED BY REVENUES
The Issuer currently has $45,045,000 of bonds outstanding secured by the net revenues of the System.
OTHER OUTSTANDING BONDS OF THE ISSUER
Additional information regarding the Issuer's outstanding bonds may be found in the Issuer's annual financial report (the 'Financial Report') at: https://reporting.auditor.utah.gov/searchreports/s/. For additional information, including any information more recent than as of the date of the Financial Report, please contact Bart Miller, Chief Financial Officer, (435) 654-1581.
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 rate cost of the Series 2026 Bonds to be issued under the Act to finance the Series 2026 Project, if held until maturity, is $ 46,675,000.
A copy of the Resolution and the Indenture are on file in the office of Heber Light & Power Company, 31 South 100 West, Heber City, Utah, where they may be examined during regular business hours of the Issuer from 8:00 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 is provided by law during which any person in interest shall have the right to contest the legality of the Resolution, the Indenture (as it pertains to the Series 2026 Bonds), or the Series 2026 Bonds, or any provision made for the security and payment of the Series 2026 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 October 22, 2025.
/s/Rylee Allen
Board Secretary
Notice of Special Accommodations (ADA)
In compliance with the Americans with Disabilities Act, individuals needing special accommodations (including auxiliary communicative aids and services) during this meeting should notify Rylee Allen at 435-654-1581.