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Wasatch County Council
Entity: Wasatch County
Body: Wasatch County Council
Notice Title: Timberlakes
Notice Type: Notice
Event Start Date & Time: September 19, 2018 06:00 PM
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 and the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended (together, the 'Act') that on August 29, 2018, the governing body (the 'Board') of Timber Lakes Water Special Service District, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Water Revenue Refunding 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 calling a public hearing to receive input from the public with respect to the issuance of the Series 2018 Bonds. TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on Wednesday, September 19, 2018, at the hour of 6:00 p.m. The location of the public hearing is at the Wasatch County Council Chambers located at 25 North Main, Heber, 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 THE SERIES 2018 BONDS The Series 2018 Bonds will be issued for the purpose of (a) refunding all or a portion of the Issuer's outstanding special assessment bonds (the 'Refunded Bonds') in order to achieve a debt service savings, (b) funding any debt service reserve funds, as necessary, and (c) paying costs of issuance of the Series 2018 Bonds. REVENUES TO BE PLEDGED The Series 2018 Bonds are special limited obligations of the Issuer payable from the net revenues of the Issuer's water system and the Issuer's Assessments. PARAMETERS OF THE SERIES 2018 BONDS The Issuer intends to issue the Series 2018 Bonds in the aggregate principal amount of not more than Four Million Five Hundred Thousand Dollars ($4,500,000), to mature in not more than fifteen (15) 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 five percent (5.00%) 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 General and a Supplemental Indenture (together, the 'Indenture') which were before the Board 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. OUTSTANDING BONDS SECURED BY PLEDGED REVENUES The Issuer has $851,000 of Bonds currently outstanding that are secured by the Water Revenues. The Refunded Bonds are the only Bonds currently outstanding that are secured by the Issuer's Assessments. OTHER OUTSTANDING BONDS OF THE ISSUER Information regarding all of the Issuer's outstanding bonds may be found in the District's audited financial report (the 'Financial Report') at https://reporting.auditor.utah.gov/searchreport. For additional information, including any more recent than as of the date of the Financial Report please contact Jody Defa, General Manager at 435-654-0125. 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 $6,500,000. A copy of the Resolution and the Indenture are on file in the office of the Timber Lakes Water Special Service District Clerk, 175 North Main, Suite B-4, Heber, Utah, where they may be examined during regular business hours of the Clerk from 7:00 a.m. to 5:00 p.m. Monday through Thursday, 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 (i) any person in interest shall have the right to contest the legality of the Resolution, the Indenture (as it pertains to the Series 2018 Bonds), 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 29, 2018. /s/Brent Titcomb_______ Clerk
Notice of Special Accommodations:
Wasatch County will make efforts to provide reasonable accommodations to disabled members of the public in accessing County programs. Please contact Michelle Crook at the Wasatch County Council office at 435-657-3190 in advance if you have special needs.
Notice of Electronic or telephone participation:
There is no electronic participation at this time.
This notice was posted on: August 30, 2018 02:48 PM
This notice was last edited on: August 30, 2018 02:48 PM