NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED
PUBLIC NOTICE IS HEREBY GIVEN THAT the governing board of the Local Building Authority of Parowan City, Utah (the 'Authority Board' and the 'Authority,' respectively) adopted a resolution (the 'Resolution') declaring its intention to issue lease revenue bonds (the 'Bonds') pursuant to the Utah Local Building Authority Act, Title 17D, Chapter 2, Utah Code Annotated 1953, as amended, and calling the public hearing described below.
TIME, PLACE AND LOCATION OF PUBLIC HEARING
The Authority shall hold a public hearing on November 12, 2026, at 5:30 p.m. or as soon thereafter as possible. The location of the public hearing is at the Authority's offices at 35 East 100 North, Parowan, Utah 84761. The purpose of the public hearing is to receive input from the public with respect to the issuance of the Bonds and the potential economic impact that the improvement, facility, or property for which the Bonds will pay all or part of the cost will have on the private sector. All members of the public are invited to attend and participate.
PARAMETERS OF THE BONDS
The Authority intends to issue the Bonds as Lease Revenue Bonds in an aggregate principal amount of not to exceed $500,000, to bear interest at the rate or rates of not to exceed 3.0% per annum, to mature in not more than thirty-two (32) years from their date or dates, and to be sold at a price not less than ninety-eight percent (98%) of the total principal amount thereof, plus accrued interest to the date of delivery. No taxes will be pledged for the repayment of the Bonds. The security of the Bonds will be the facilities constructed. The Bonds will not be on parity with any other Bonds of the Authority or the City or secured by the same revenues as any other bonds. If Bonds are issued in the full amount above, and carried to maximum maturity, at the maximum interest rate, then the amount to be repaid will be approximately $778,405. However, the City and Authority have obtained a funding commitment from the State of Utah Permanent Community Impact Fund Board for a grant in the amount of $142,000 and a loan in the amount of $333,000 at an interest rate of not more than 1.5% per annum, to be repaid over 30 years, in which event the amount to be repaid will be approximately $415,030. The City and Authority will not have any obligation to repay the grant of $142,000. There are no other bonds currently outstanding that are secured by the same pledge of revenues as the proposed Bonds.
PURPOSE FOR ISSUING BONDS
The Bonds will be issued pursuant to the Resolution, and an Authorizing Resolution and Master Resolution (collectively, the 'Final Bond Resolutions') to be adopted by the Authority Board authorizing and confirming the sale of the Bonds for the purpose of (i) financing in part the construction of library facilities and related improvements for the benefit of Parowan City, Utah (the 'City') (the 'Project'); (ii) paying expenses to be incurred in connection with the issuance and sale of the Bonds.
A draft of the Final Bond Resolutions in substantially final form was before the Authority Board and was part of the Resolution at the time of the adoption of the Resolution by the Authority Board. The Final Bond Resolutions will be adopted by the Authority Board in such form and with such changes thereto as shall be approved by the Authority Board upon the adoption thereof; provided that the principal amount, interest rate, maturity and discount of the Bonds will not exceed the maximums set forth above.
Copies of the Final Bond Resolutions and information on the Authority's outstanding bonds are on file in the office of the Secretary of the Authority at the City offices where they may be examined during regular business hours of the Secretary from 9:00 a.m. to 4:30 p.m., Monday through Thursday, and 9:00 a.m. to 12:00 p.m. Fridays, for a period of at least thirty (30) days from and after the last date of publication of this notice.
NOTICE IS FURTHER GIVEN that, for a period of thirty (30) days from and after the last date of the publication of this notice (the '30-day Period'), (i) any person in interest shall have the right to contest the legality of the Final Bond Resolutions, 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 the county in which he or she resides, and that after the 30-day period, no one shall have any cause of action to contest the regularity, formality or legality thereof for any cause for any reason, and (ii) registered voters within the City 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 20% of the registered voters within the City are filed with the Authority during the 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 20% of the registered voters within the City file a written petition during the 30-day Period, the Authority may proceed to issue the Bonds without an election.
/s/Callie Bassett, Secretary
Local Building Authority of Parowan City, Utah
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.