NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED
PUBLIC NOTICE IS HEREBY GIVEN pursuant to the provisions of the Local Building Authority Act, Title 17D, Chapter 2, Utah Code Annotated 1953, as amended, and the Local Government Bonding Act, Title 11, Chapter 14, Utah Code, as amended (together, the 'Act'), that on April 14, 2026, the Governing Board (the 'Governing Board') of the Local Building Authority of Kane County School District, Utah (the 'Authority') adopted a resolution (the 'Resolution') authorizing the issuance of the Authority's Lease Revenue Bonds, Series 2026 (the 'Bonds') (or such other name and series designation determined by the Authority), and calling a public hearing to receive input from the public with respect to the issuance of the Bonds.
TIME, PLACE AND LOCATION OF PUBLIC HEARING
The Authority shall hold a public hearing on Tuesday, May 12, 2026, at the hour of 6:00 p.m. The location of the public hearing is 20 North 100 East, Kanab, Utah. The purpose of the hearing is to receive input from the public with respect to: (a) the proposed Bonds and (b) any potential economic impact that the improvements, facility or property financed in whole or in part 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 BONDS
The Authority intends to issue the Bonds to provide funds to (a) finance all or a portion of the costs of renovation and improvements to Valley High School and all related improvements (the 'Project'); (b) fund any required deposits to a debt service reserve fund; and (c) pay costs associated with the issuance of the Bonds.
PARAMETERS OF THE BONDS
The Authority intends to issue the Bonds in a principal amount of not to exceed Twenty-Five Million Dollars ($25,000,000), to bear interest at a rate or rates of not to exceed six percent (6.0%) per annum, to mature in not more than twenty-one (21) years from their date or dates, and to be sold at a price not less than ninety-eight (98%) of the total principal amount thereof, plus accrued interest, if any, to the date of delivery of the Bonds.
The Bonds are to be issued and sold by the Authority pursuant to the Resolution, including as attachments to said Resolution forms of a General Indenture of Trust and a First Supplemental Indenture of Trust (collectively, the 'Indenture') and Master Lease Agreement (the 'Master Lease Agreement'), which Indenture and Master Lease Agreement were before the Governing Board at the time of the adoption of the Resolution. The Indenture and Master Lease Agreement are to be executed by the Authority and/or the Board with such terms and provisions and any changes thereto as authorized by the Resolution.
SECURITY FOR THE BONDS
The Bonds are payable solely from the rents, revenues and other income received by the Authority from the leasing of the Project to the Board on an annually renewable basis (the 'Lease Revenues').
OUTSTANDING BONDS SECURED BY LEASE REVENUES
The Authority currently has $-0- of bonds outstanding secured by Lease Revenues.
OTHER OUTSTANDING BONDS OF THE AUTHORITY
Information regarding all of the Authority's outstanding bonds may be found in the Board's audited financial report (the 'Financial Report') at https://reporting.auditor.utah.gov/searchreports/s/. For additional information, including any more recent than as of the date of the Financial Report please contact Cary Reese at 435-644-2555.
TOTAL ESTIMATED COST
Based on an estimate of the current interest rate and financing plan, the estimated total debt service cost of the Bonds, if held until maturity, is $44,633,200.
A copy of the Resolution and the forms of Indenture and Master Lease Agreement are on file in the District offices, located at 746 South 175 East, in Kanab, Utah, where they may be examined during regular business hours from 8:00 a.m. to 5:00 p.m., Monday through Thursday and 8:00 a.m. to 3:00 on Fridays (legal holidays excepted) for a period of at least thirty (30) days from and after the last 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 (i) any person in interest shall have the right to contest the legality of the Resolution, the Indenture, the Master Lease Agreement, or the Bonds, or any provision made for the security and payment of the Bonds, and after such time, no one shall have any cause of action to contest the regularity, formality or legality thereof for any cause whatsoever, and (ii) active voters (as defined in Section 20A-1-102 of the Utah Code) within the District 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 twenty percent (20%) of the active voters of the District are filed with the Authority during said 30-day period, the Authority shall be required to hold an election to obtain voter authorization prior to the issuance of the Bonds. If fewer than twenty percent (20%) of the active voters of the District file a written petition during said 30-day period, the Authority may proceed to issue the Bonds without an election.
DATED this April 14, 2026.
/s/ Cary Reese
Secretary-Treasurer
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 Ben Dalton at 435-644-2555x1