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Solid Waste SSD #1 (Grand County):
Administrative Control Board

Entity: Solid Waste SSD #1 (Grand County)

Body: Administrative Control Board

Subject: Administrative Rules and Procedures

Notice Title: NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED

Notice Type: Notice, Meeting, Hearing, Bond

Event Start Date & Time: April 8, 2021 05:00 PM

Description/Agenda:

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, that on March 22, 2021, the Administrative Control Board (the 'Board') of the Solid Waste Special Service District #1, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's General Revenue and Refunding Bonds, Series 2021 (the '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 Bonds. 

PURPOSE, TIME, PLACE AND LOCATION OF PUBLIC HEARING

The Issuer shall hold a public hearing on April 8, 2021, at the hour of 6:00 p.m. via electronic means.  The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Bonds and (b) any potential economic impact that the project to be financed with the proceeds of the Bonds may have on the private sector.  All members of the public are invited to attend and participate.  

Due to the ongoing public health emergency, public comments for the meeting record can be received in one of two ways. Please email swssd1@swssd1.org with the subject line 'SWSSD1 Public Hearing Comment' by 6pm Thursday, April 8, 2021 if you would like your comments to be heard. Written comments are limited to 400 words. Alternatively, please join the Zoom meeting via the weblink below during the Public Input section of the Public Hearing at 6:00pm to provide verbal comments. Comments are limited to a duration of three (3) minutes in length. Members of the public can join the Zoom meeting here: https://us02web.zoom.us/j/83669524895?pwd=NEpEWWViYU1RVk1wVUdUR0VJb0Yvdz09.

PURPOSE FOR ISSUING THE BONDS

The Bonds will be issued for the purpose of (a) financing the Issuer's system expansion of assets and all related improvements (the 'Project') in the management of solid waste (the 'System'), (b) refunding certain outstanding obligations of the Issuer, (c) funding any required debt service reserve fund and (d) paying costs of issuance of the Bonds.

REVENUES TO BE PLEDGED

The Bonds are special limited obligation of the Issuer payable from all or any portion of the net revenues of the Issuer's solid waste landfills, solid waste transfer station, solid waste collection and hauling services, TRT Revenues received pursuant to Section 59-12-301 of the Utah Code Annotated 1953, as amended, and Mineral Lease Revenues allocated to the Issuer from Grand County (collectively, the 'Pledged Revenues').

PARAMETERS OF THE BONDS

The Issuer intends to issue the Bonds in the aggregate principal amount of not more than Fifteen Million Dollars ($15,000,000), to mature in not more than twenty-one (21) 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 and one-half percent (5.50%) per annum.  The Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a General Indenture of Trust and a Supplemental Indenture of Trust (collectively, the 'Indenture') which Indenture was before the Board and in substantially final form at the time of the adoption of the Resolution and said Indenture is to be executed by the Board in such form and with such changes thereto as shall be approved by the Chair, Vice Chair, Treasurer or District Manager; provided that the principal amount, interest rate or rates, maturity, and discount of the Bonds will not exceed the maximums set forth above.

OUTSTANDING BONDS SECURED BY REVENUES

Other than the proposed Bonds, the Issuer currently has $217,000 principal amount of bonds outstanding secured by a portion of the Pledged Revenues.

OTHER OUTSTANDING BONDS OF THE ISSUER

Information regarding all of the Issuer's outstanding bonds may be found in the Issuer's audited financial report (the 'Financial Report') at: https://reporting.auditor.utah.gov/searchreport.  For additional information more recent than as of the date of the Financial Report please contact Evan Tyrrell, District Manager (phone: 435-259-3867).

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 $15,880,105.

A copy of the Resolution and the Indenture are on file in the office of the District Clerk, 1000 East Sand Flats Road, Moab, Utah, where they may be examined during regular business hours of the District Clerk, Monday through Friday, from 9:00 a.m. to 4:30 p.m. 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 FIRST date of the publication of this notice (March 25, 2021) is provided by law during which any person in interest shall have the right to contest the legality of the Resolution, the Indenture (only as it relates to the Bonds), or the 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 March 22, 2021. 
/s/ Jessica Thacker	
Clerk

Notice of Special Accommodations:

In compliance with the Americans with Disabilities Act, individuals needing special accommodations (including auxiliary communicative aids and services) during this meeting should notify the Solid Waste District at 435-259-3867.

Notice of Electronic or telephone participation:

Due to the ongoing public health emergency, public comments for the meeting record can be received in one of two ways. Please email swssd1@swssd1.org with the subject line 'SWSSD1 Public Hearing Comment' by 6pm Thursday, April 8, 2021 if you would like your comments to be heard. Written comments are limited to 400 words. Alternatively, please join the Zoom meeting via the weblink below during the Public Input section of the Public Hearing at 6:00pm to provide verbal comments. Comments are limited to a duration of three (3) minutes in length. Members of the public can join the Zoom meeting here: https://us02web.zoom.us/j/83669524895?pwd=NEpEWWViYU1RVk1wVUdUR0VJb0Yvdz09. This Public Hearing will also be streamed live on the Solid Waste District's Facebook Page: https://www.facebook.com/SolidWasteSSD1/.

Other Information

This notice was posted on: March 23, 2021 05:32 PM
This notice was last edited on: March 23, 2021 05:32 PM

Board/Committee Contacts

Member Email Phone
Mary McGann mmcgann@grandcountyutah.net (435)259-3867
Kevin Fitzgerald kevinfitzmoab@gmail.com (435)259-3867
Kalen Jones kjones@moabcity.org (435)259-3867
Chad Harris charris@swssd1.org (435)259-3867
Diane Ackerman dianeackerman13@yahoo.com (435)259-3867

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