General Information

Government Type

Municipality

Entity

Parowan

Public Body

Parowan City Council

Notice Information

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Notice Title

Notice of Public Hearing and Bonds to be Issued - July 23, 2026

Notice Tags

Water Revenue Bonds

Notice Type(s)

Notice

Event Start Date & Time

July 23, 2026 05:30 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 June 11, 2026, the City Council (the 'City Council') of Parowan City, Iron County, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance and sale of the Issuer's Water Revenue Bonds, Series 2026 (herein, the 'Series 2026 Bonds') in an aggregate principal amount not to exceed twelve Million Dollars ($12,000,000), to bear a Hardship Grant Assessment Fee in lieu of interest at a rate or rates not to exceed two percent (2.00%) per annum, to mature in not more than thirty-five (35) years from their date or dates, and to be sold at a price not less than ninety-nine percent (99%) of the total principal amount thereof, plus accrued interest to the date of delivery. 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 Fee in lieu of interest rate above, if any, is $16,695,645. However, the Issuer anticipates that the repayable principal amount of the Bonds will not be issued in an amount in excess of $9,675,000, to bear a Hardship Grant Assessment Fee in lieu of interest at a rate or rates not to exceed two percent (2.00%) per annum, to be repaid over thirty (30) years, in which event the amount to be repaid will be approximately $13,173,615. Currently the Issuer has no more than $1,043,000 in outstanding bonds secured by a pledge of drinking water revenues. The Issuer has obtain a commitment for principal forgiveness funding in the amount of $1,075,000 for the Project, in addition to the loan amount, that will not need to be repaid. NOTICE IS FURTHER GIVEN that the Issuer called a public hearing for the purpose of inviting public comment on the proposed issuance of the Series 2026 Bonds and the economic impact that the improvements proposed to be financed with the Series 2026 Bonds will have on the private sector. The public hearing will be held on July 23, 2026, at 5:30 p.m., or as soon thereafter as feasible, at the regular meeting place of the City Council located at 35 East 100 North, Parowan, Utah. All members of the public are invited to attend and participate. No taxes will be pledged to secure the Bonds. The Series 2026 Bonds will be issued pursuant to the Resolution and a Final Bond Resolution consisting of a form of authorizing resolution and final bond resolution to be adopted authorizing and confirming the sale of the Series 2026 Bonds (collectively, the 'Final Bond Resolution') for the purposes of financing, in part, (i) the acquisition and construction of improvements to the Issuer's drinking water system, and related improvements, and (ii) paying the costs of issuing the Bonds. A draft of the Final Bond Resolution in substantially final form was before the City Council and was part of the Resolution at the time of the adoption of the Resolution by the City Council (collectively, the 'Bond Resolutions'). The Final Bond Resolution is to be adopted by the City Council in such form and with such changes thereto as shall be approved by the City Council upon the adoption thereof; 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. A Copy of the Final Bond Resolutions are on file in the office of the City Recorder in the Issuer where they may be examined during regular business hours from 8:00 a.m. and 4:30 p.m. Monday through Friday for at least thirty (30) days from and after the date of publication of this notice. NOTICE IS FURTHER GIVEN that, for 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 Series 2026 Bonds, or any provision made for the security and payment of the Series 2026 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. /s/ Callie Bassett City Recorder

Notice of Special Accommodations (ADA)

Notice: Persons with disabilities needing assistance to participate in this meeting should contact the City Recorder at (435) 477-3331 no later than 24 hours prior to the meeting.

Notice of Electronic or Telephone Participation

NA

Meeting Information

Meeting Location

35 E 100 N
PO Box 576
Parowan, UT 84761
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Contact Name

Callie Bassett

Contact Email

callie@parowan.gov

Contact Phone

(435)477-3331

Notice Posting Details

Notice Posted On

July 06, 2026 02:16 PM

Notice Last Edited On

July 06, 2026 02:16 PM

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