General Information

Government Type

Special Service District

Entity

Mountain Regional Water Special Service District

Public Body

Administrative Control Board

Notice Information

Add Notice to Calendar

Notice Title

Notice of Public Hearing and Bonds to be Issues

Notice Subject(s)

Water and Irrigation

Notice Type(s)

Notice, Meeting, Hearing, Bond

Event Start Date & Time

September 19, 2018 06:00 PM

Event End Date & Time

September 19, 2018 06:30 PM

Event Deadline Date & Time

09/13/18 12:00 AM

Description/Agenda

NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED 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 August 8, 2018, the County Council (the 'Council') of Summit County, Utah, acting on behalf of the Mountain Regional Water Special Service District, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Water Revenue Bonds, Series 2018 (the 'Series 2018 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 that portion of the Series 2018 Bonds issued under the Act and (b) any potential economic impact that the Project described herein to be financed with the proceeds of the Series 2018 Bonds issued under the Act may have on the private sector. TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on September 19, 2018, at the hour of 6:00 p.m. at the Sheldon Richins Building located at 1885 West Ute Blvd., Park City, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of that portion of the Series 2018 Bonds issued under the Act and (b) any potential economic impact that the Project to be financed with the proceeds of that portion of the Series 2018 Bonds issued under the Act may have on the private sector. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING THE SERIES 2018 BONDS The Series 2018 Bonds will be issued for the purpose of (a) financing all or a portion of the costs of construction of improvements to its water system (the 'System'), including, but not limited to an interconnection to Community Water Company system, a new well, pump station, water line replacements and all related improvements (collectively, the 'Series 2018 Project') and (b) paying costs of issuance of the Series 2018 Bonds. PARAMETERS OF THE SERIES 2018 BONDS The Issuer intends to issue the Series 2018 Bonds in the aggregate principal amount of not more than Three Million Thousand Dollars ($3,000,000), to mature in not more than twenty-two (22) years from their date or dates, to be sold at a price not less than ninety-eight percent (98%) of the total principal amount thereof, and bearing interest at a rate or rates not to exceed two percent (2.00%) per annum. The Series 2018 Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a Indenture ('Indenture') which was before the Council in substantially final form 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 2018 Bonds will not exceed the maximums set forth above. The Issuer reserves the right to not issue the Series 2018 Bonds for any reason and at any time up to the issuance of the Series 2018 Bonds. REVENUES PROPOSED TO BE PLEDGED The Series 2018 Bonds are special limited obligations of the Issuer payable from the net revenues of the System. OUTSTANDING BONDS SECURED BY REVENUES The Issuer currently has $39,761,000 of bonds outstanding secured by the Revenues. OTHER OUTSTANDING BONDS OF THE ISSUER Additional information regarding the Issuer's outstanding bonds may be found in the Issuer's financial report (the 'Financial Report') at: http://secure.utah.gov/auditor-search/. For additional information, including any information more recent than as of the date of the Financial Report, please contact Lisa Hoffman, Chief Financial Officer at 435-940-1916, ext. 312. TOTAL ESTIMATED COST OF BONDS Based on the Issuer's current plan of finance (estimated principal amount of $2,600,000) and a current estimate of interest rates, the total principal and interest cost of the Series 2018 Bonds to be issued under the Act to finance the Project, if held until maturity, is $3,193,180. A copy of the Resolution and the Bond Contract Documents are on file in the office of Summit County Clerk, 60 North Main, Coalville, Utah, where they may be examined during regular business hours of the Clerk 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 or the Series 2018 Bonds, or any provision made for the security and payment of the Series 2018 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 August 8, 2018. /s/Kent Jones Clerk

Notice of Special Accommodations (ADA)

Pursuant to the Americans with Disabilities Act, individuals needing special accommodations during this meeting should notify Marti Gee at 435-940-1916 ext 302 prior to the meeting

Notice of Electronic or Telephone Participation

N/A

Meeting Information

Meeting Location

Sheldon Richins Building
1885 West Ute Blvd.
Park City UT, 84098
Show in Apple Maps Show in Google Maps

Contact Name

Lisa Hoffman

Contact Email

lhoffman@mtregional.org

Contact Phone

(435)940-1916

Notice Posting Details

Notice Posted On

August 14, 2018 11:31 AM

Notice Last Edited On

August 14, 2018 11:31 AM

Deadline Date

September 13, 2018 12:00 AM

Subscribe by Email

Subscription options will send you alerts regarding future notices posted by this Body.