G-1 Authority Resolution (4-28-20)
NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED
NOTICE IS HEREBY GIVEN pursuant to the provisions of Sections 11-14-316, 11-14-318 and
17D-2-502 Utah Code Annotated 1953, as amended, that on April 28, 2020, the Board of Directors
(the 'Board') of the Local Building Authority of Jordan School District, Salt Lake County, Utah
(the 'Authority'), adopted a resolution (the 'Resolution') (a) authorizing the issuance of the
Authority's lease revenue bonds (the 'Bonds') in the aggregate principal amount of not to exceed
$25,500,000, to bear interest at a rate or rates of not to exceed 5.00% per annum, to mature in not
more than 20 years from their date or dates and to be sold at a discount from par, expressed as a
percentage of principal amount, of not to exceed 2.00% and (b) calling a public hearing to receive
input from the public with respect to the issuance of the Bonds to finance the below defined Project
and the potential economic impact that the Project will have on the private sector. The purchaser
will not be required to make a good faith deposit in connection with its agreement to purchase the
Bonds.
Pursuant to the Resolution, the Bonds are to be issued for the purpose of raising money for
(a) financing certain costs of acquiring, constructing, equipping and furnishing an elementary
school in the Village 8 Daybreak neighborhood of South Jordan City, Utah (the 'Project'), (b)
providing reserves, if necessary, (c) paying capitalized interest, and (d) paying expenses incurred
in connection with the issuance and sale of the Bonds.
The Bonds are to be issued and sold by the Authority pursuant to the Resolution, including
as attachments to such Resolution forms of an Indenture of Trust, Mortgage, Assignment of Lease
Agreements and Security Agreement, a Master Lease Agreement, a Ground Lease, a Construction
Agency Agreement, and a Leasehold Deed of Trust, Assignment of Rents and Security Agreement
(collectively, the 'Transaction Documents'). Said Transaction Documents are to be executed and
delivered by the Authority in such form and with such changes as shall be approved by appropriate
representatives of the Authority; provided that the principal amount, interest rate or rates, maturity
and discount of the Bonds will not exceed the maximums set forth above.
The Authority proposes to pledge to the payment of the Bonds various rental payments
made to the Authority by the Board of Education of Jordan School District, Utah, pursuant to the
Transaction Documents. No other bonds have been issued under the Transaction Documents;
however, the Authority has approximately $9,000,000 aggregate principal amount of other lease
revenue bonds outstanding. More detailed information relating to the Authority's outstanding
bonds can be obtained by contacting the Secretary-Treasurer of the Authority at 7387 South
Campus View Drive, in West Jordan, Utah.
Assuming a final maturity for the Bonds of 16 years from the proposed date of issuance of
such Bonds and that the Bonds are issued in an aggregate principal amount of $19,964,000 and are
held until maturity, based on the Authority's currently expected financing structure and interest
rates in effect around the time of publication of this notice, the estimated total cost to the Authority
of the proposed Bonds is $24,968,457.
G-2 Authority Resolution (4-28-20)
Copies of the Resolution and the forms of the Transaction Documents, and certain other
documents pertaining to the issuance and sale of the Bonds are on file in the office of the Authority,
which is the office of the Secretary-Treasurer of the Authority at 7387 South Campus View Drive,
West Jordan, Utah where they may be examined during regular business hours of the Authority
from 8:00 a.m. to 5:00 p.m., Monday through Friday of each week (except holidays). During any
period that restrictions are in place due to the COVID-19 virus, protected, pdf copies of the
documents may be requested by sending an email to the Secretary-Treasurer of the Authority at
john.larsen@jordandistrict.org. Such documents shall be available for inspection from and after
the date of the publication of this notice until at least thirty days thereafter.
NOTICE IS FURTHER GIVEN that the Authority will hold a public hearing during its Board
of Directors meeting which begins at approximately 6:30 p.m. on May 26, 2020. The public
hearing will be held either at the regular meeting place of the Board of Directors, JATC South
Campus, 12723 S. Park Avenue (2080 West), in Riverton, Utah, or, if applicable, electronically in
accordance with Executive Order 2020-5 Suspending the Enforcement of Provisions of Utah Code
52-4-202 and 52-4-207 issued by Governor Gary R. Herbert on March 18, 2020. All members of
the public are invited to participate in the public hearing (directions on how to participate
electronically will be provided as part of the agenda for such meeting if needed). Written
comments may be submitted to the Authority, to the attention of the Secretary-Treasurer, prior to
the public hearing. The purpose of the hearing is to receive input from the public with respect to
the issuance of the Bonds and the potential economic impact that the Project will have on the
private sector.
NOTICE IS FURTHER GIVEN that for a period of thirty days from and after the date of the
second publication of this notice, any person in interest shall have the right to contest the legality
of the Resolution or the Bonds, or any provision made for the security and payments of such Bonds
and after such time, no one shall have any cause of action to contest the regularity, formality, or
legality thereof for any cause whatsoever.
NOTICE IS FURTHER GIVEN that pursuant to Section 17D-2-502, Utah Code Annotated
1953, as amended, if within thirty calendar days of the second publication of this notice, a written
petition requesting an election and signed by at least twenty percent of the registered voters of
Jordan School District is filed with the Board, then the Board shall submit the question of whether
or not to issue the Bonds to the voters of Jordan School District for their approval or rejection.
DATED this 28th day of April, 2020.
LOCAL BUILDING AUTHORITY OF JORDAN
SCHOOL DISTRICT, SALT LAKE COUNTY,
UTAH
By /s/ John Larsen
Secretary-Treasurer