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NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED

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General Information

Government Type
Interlocal
Entity
Heber Light and Power
Entity Website
http://www.heberpower.com/
Public Body
Heber Light and Power

Notice Information

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Notice Title
NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED
Notice Subject(s)
Bonds
Notice Type(s)
Notice, Hearing, Bond
Event Start Date & Time
October 30, 2019 06:00 PM
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 'Bond Act') and the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended (the 'Refunding Bond Act' and collectively with the Bond Act, the 'Act'), that on September 30, 2019, the Board of Directors (the 'Board') of the Heber Light & Power Company, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Electric Revenue and Refunding Bonds, Series 2019 (the 'Series 2019 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 the issuance of the Series 2019 Bonds. TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on October 30, 2019, at the hour of 6:00 p.m. at the Heber City Council chambers located at 75 North Main, Heber, 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 2019 Bonds issued under the Bond Act and (b) any potential economic impact that the Project to be financed with the proceeds of that portion of the Series 2019 Bonds issued under the Bond Act may have on the private sector. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING THE SERIES 2019 BONDS The Series 2019 Bonds will be issued for the purpose of (a) financing all or a portion of the construction of a substation, transmission lines, office building and all related improvements (collectively, the 'Series 2019 Project'), (b) refunding all or a portion of the Issuer's outstanding electric revenue bonds (the 'Refunded Bonds') in order to achieve a debt service savings, (c) funding any debt service reserve funds, as necessary, and (d) paying costs of issuance of the Series 2019 Bonds. PARAMETERS OF THE SERIES 2019 BONDS The Issuer intends to issue the Series 2019 Bonds in the aggregate principal amount of not more than Twenty-Three Million Dollars ($23,000,000), to mature in not more than thirty (30) years from their date or dates, to be sold at a price not less than ninety-seven percent (97%) of the total principal amount thereof, and bearing interest at a rate or rates not to exceed five and one-half percent (5.50%) per annum. The Series 2019 Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a Trust Indenture 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 2019 Bonds will not exceed the maximums set forth above. The Issuer reserves the right to not issue the Series 2019 Bonds for any reason and at any time up to the issuance of the Series 2019 Bonds. REVENUES PROPOSED TO BE PLEDGED The Series 2019 Bonds will be secured by a pledge of the net revenues of the Issuer's Electric system. OUTSTANDING BONDS SECURED BY REVENUES The Issuer currently has $7,765,000 of parity bonds outstanding secured by the Revenues, $5,610,000 of which are anticipated to be refunded with the proposed Series 2019 Bonds, along with $15,000,000 for new projects, for an estimated total outstanding par of $19,225,000 once the Series 2019 Bonds are issued. 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: https://reporting.auditor.utah.gov/searchreport. For additional information, including any information more recent than as of the date of the Financial Report, please contact Bart Miller, Chief Financial Officer at (435) 654-1581. TOTAL ESTIMATED COST OF BONDS Based on the Issuer's current plan of finance and a current estimate of interest rates, the total principal and interest cost of the Series 2019 Bonds to be issued under the Bond Act to finance the Project and refund the Refunded Bonds, if held until maturity, is $27,579,467. A copy of the Resolution and the Indenture are on file in the office of the Heber Light & Power Board Secretary,31 South 100 West, Heber, Utah, where they may be examined during regular business hours of the Board Secretary 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 2019 Bonds, or any provision made for the security and payment of the 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 September 30, 2019. /s/Karly Schindler Board Secretary
Notice of Special Accommodations (ADA)
In compliance with the Americans with Disabilities Act, individuals needing special accommodations (including auxiliary communicative aids and services) during this meeting should notify Karly Schindler at 435-654-1581.
Notice of Electronic or Telephone Participation
N/A

Meeting Information

Meeting Location
Heber City Council Chambers
75 N Main Street
Heber City, 84032
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Contact Name
Karly Schindler
Contact Email
kschindler@heberpower.com
Contact Phone
(435)654-1581

Notice Posting Details

Notice Posted On
October 02, 2019 01:24 PM
Notice Last Edited On
October 02, 2019 01:24 PM

Download Attachments

File Name Category Date Added
Notice of Public Hearing and Bond Issuance.pdf Public Information Handout 2019/10/02 01:16 PM


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