General Information

Government Type

Independent or Quasi-Government

Entity

Military Installation Development Authority

Public Body

MIDA Board

Notice Information

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Notice Title

MIDA - Notice of Bonds to be Issued

Notice Subject(s)

Bonds

Notice Type(s)

Notice

Event Start Date & Time

June 4, 2021 02:45 PM

Event Deadline Date & Time

07/04/21 12:00 AM

Description/Agenda

NOTICE OF BONDS TO BE ISSUED NOTICE IS HEREBY GIVEN pursuant to the provisions of the Military Installation Development Authority Act, Title 63H, Chapter 1, Utah Code Annotated 1953, as amended (the 'Act'), that on June 1, 2021, the Board of Directors (the 'Board') of the Military Installation Development Authority (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Tax Allocation Revenue Bonds, Series 2021 (to be issued from time to time in one or more series and with such other series or title designation(s) as may be determined by the Issuer) (collectively, the 'Series 2021 Bonds'). PURPOSE FOR ISSUING THE SERIES 2021 BONDS The Series 2021 Bonds will be issued for the purpose of (a) financing infrastructure and other improvements as permitted by the Act, the Public Infrastructure District Act, Title 17D, Chapter 4, Utah Code Annotated 1953, as amended, and a Tax Sharing and Reimbursement Agreement between the Issuer and certain developers and landowners (the 'Series 2021 Project'), (b) funding a debt service reserve fund, (c) providing for capitalized interest and working capital, as necessary, with respect to the Series 2021 Bonds and Series 2021 Project and (d) paying costs associated with the issuance of the Series 2021 Bonds. REVENUES PROPOSED TO BE PLEDGED The Series 2021 Bonds shall constitute special limited obligations of the Issuer and except as otherwise provided in the Indenture (defined herein), are secured by an irrevocable pledge of, and shall be payable as to principal, premium, if any, and interest solely from all or any portion of the revenues generated under the Tax Sharing Agreement and the related project area, and certain property tax revenues generated by the MIDA Mountain Village Public Infrastructure District (each as may be pledged to one or more series of Bonds). There are no other bonds that are currently outstanding that are secured by the same pledge of revenues as those that are to be pledged to the Bonds. 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 Paula Eldredge, Chief Financial Officer at (801) 574-3231. 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 Bonds, if held until maturity, is approximately $495,000,000. PARAMETERS OF THE SERIES 2021 BONDS The Issuer intends to issue the Series 2021 Bonds, in the initial aggregate principal amount of not to exceed $260,000,000, and the Series 2021 Bonds shall mature in not more than forty (40) years from their date or dates, shall be sold at a price not less than ninety-six percent (96%) of the total principal amount thereof, and shall bear interest at a rate or rates not to exceed six percent (6%) per annum. The Series 2021 Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a form of a General Indenture and Supplemental Indenture of Trust (collectively, the 'Indenture'), attached to the Resolution 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 or Vice Chair; provided that the principal amount, interest rate or rates, maturity, and discount of the Bonds will not exceed the maximums set forth above. A copy of the Resolution and the Indenture are on file at the office of MIDA's bond counsel, Gilmore & Bell, P.C., 15 West South Temple, Suite 1450, Salt Lake City, Utah, where they may be examined during regular business hours from 9:00 a.m. to 4:00 p.m., Monday through Friday, for a period of at least thirty (30) days from and after the date of publication of this notice. For office access, please call 801-364-5080 or email ltuttle@gilmorebell.com or rlarsen@gilmorebell.com. 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 (only as it applies 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 1st day of June, 2021. MILITARY INSTALLATION DEVELOPMENT AUTHORITY /s/ Sara Turner

Notice of Special Accommodations (ADA)

The Military Installation Development Authority does not discriminate on the basis of race, color, national origin, sex, religion, age or disability in employment or the provision of services. If you are planning to attend this meeting and, due to a disability, need assistance in understanding or participating in the meeting, please notify the Authority eight or more hours in advance of the meeting and we will try to provide assistance. Please contact the Authority at (385) 232-1919.

Notice of Electronic or Telephone Participation

Committee Members will participate in the meeting via videoconferencing or telephonic communication. Both videoconference and telephone communication will be enabled so that Members and all other meeting participants and attendees will be able to hear all discussions. General public attendees can join meetings after registration on the Zoom platform.

Meeting Information

Meeting Location

450 Simmons Way
Kaysville, UT 84037
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Contact Name

Sara Turner

Contact Email

sturner@midaut.org

Contact Phone

(801)505-0728

Notice Posting Details

Notice Posted On

June 04, 2021 02:53 PM

Notice Last Edited On

June 04, 2021 02:53 PM

Deadline Date

July 4, 2021 12:00 AM

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