General Information

Government Type

Special Service District

Entity

Utah Inland Port Authority > UIPA Crossroads Public Infrastructure District

Public Body

UIPA Crossroads PID Board

Notice Information

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Notice Title

Notice of Bonds

Notice Tags

Bonds

Notice Type(s)

Bond

Event Start Date & Time

November 5, 2021 10:00 AM

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, that on November 3, 2021, the Board of Trustees (the 'Board') of UIPA Crossroads Public Infrastructure District (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorizes the issuance of the Issuer's Tax Differential Revenue Bonds, Series 2021 (the 'Bonds') (to be issued in one or more series, under one or more indentures and with such other series or title designation(s) as may be determined by the Issuer) and hold a public hearing to receive input from the public with respect to (a) the issuance of the Bonds and (b) any potential economic impact that the Project described herein to be financed with the proceeds of the Bonds may have on the private sector. PURPOSE, TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on November 22, 2021, at the hour of 3 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 by registering at the following web address: https://us02web.zoom.us/webinar/register/WN_yJi-BOZwSwaEuK-5xoaK8Q. PURPOSE FOR ISSUING THE BONDS The Bonds will be issued for the purpose of (a) financing all or a portion of the cost of public infrastructure as permitted under the Local District Act, Title 17B, the Public Infrastructure District Act, Title 17D, Chapter 4, and the Utah Inland Port Authority Act ('UIPA Act'), Title 11, Chapter 58 (b) funding capitalized interest and working capital, (c) funding a reserve fund, and (d) paying costs of issuance of the Bonds. REVENUES TO BE PLEDGED The Bonds are limited tax differential obligations of the Issuer payable from all or any portion of tax differential pledged by the Utah Inland Port Authority to the Issuer pursuant to an Interlocal Capital Pledge Agreement and any permitted revenues under the UIPA Act (collectively, the 'Pledged Revenues'). PARAMETERS OF THE BONDS The Issuer intends to issue the Bonds in the combined aggregate original principal amount of not more than ONE HUNDRED FIFTY MILLION DOLLARS ($150,000,000) (consisting of value at issuance with respect to any capital appreciation bonds), to mature in not more than thirty-five (35) 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 eight and one-half percent (8.5%) per annum. The Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution and an Indenture of Trust (the 'Indenture'). OUTSTANDING BONDS SECURED BY REVENUES Other than the proposed Bonds, the Issuer currently has $-0- principal amount of bonds outstanding secured by the Pledged Revenues. TOTAL ESTIMATED COST OF BONDS Based on the Issuer's current plan of finance issuing the maximum par amount and a current estimate of interest rates, the total principal and interest cost of the 2021 Bonds is estimated at approximately $317,194,333. A copy of the Resolution, the Capital Pledge Agreement, and the Indenture are on file at 15 W. 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. 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 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 (but 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 November 3, 2021. /s/ Jill Flygare Executive Director

Notice of Special Accommodations (ADA)

n/a

Notice of Electronic or Telephone Participation

n/a

Meeting Information

Meeting Location

n/a
Salt Lake City , UT
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Contact Name

Taneesa Wright

Contact Email

taneesawright@utah.gov

Contact Phone

(801)577-7250

Notice Posting Details

Notice Posted On

November 05, 2021 10:27 AM

Notice Last Edited On

November 05, 2021 10:27 AM

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