General Information

Government Type

County

Entity

Kane County

Public Body

Kane County Municipal Building Authority

Notice Information

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Notice Title

Public Notice

Notice Subject(s)

Bonds

Notice Type(s)

Notice

Event Start Date & Time

January 11, 2022 06:00 PM

Event End Date & Time

January 11, 2022 06:15 PM

Description/Agenda

NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED PUBLIC NOTICE IS HEREBY GIVEN that pursuant to the Local Government Bonding Act, Title 11, Chapter 13, Utah Code Annotated 1953, as amended, the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended, and the Local Building Authority Act, Title 17D, Chapter 2, Utah Code Annotated 1953, as amended (collectively, the 'Act'), on December 14, 2021 the Governing Board (the 'Governing Board') of the Municipal Building Authority of Kane County, Utah (the 'Authority') adopted a resolution (the 'Resolution') declaring its intention to issue its Lease Revenue Bonds, Series 2022A (to be issued in one or more series and with such other or further designation(s) as the Authority may determine) (the 'Bonds'). TIME, PLACE AND LOCATION OF PUBLIC HEARING The Authority shall hold a public hearing on January 11, 2022, at the hour of 6:00 p.m. The location of the public hearing is 76 North Main Street, Kanab, Utah. The purpose of the meeting is to receive input from the public with respect to (i) the issuance of the Bonds and (ii) any potential economic impact that the improvements, facility or property financed in whole or in part with the proceeds of the Bonds may have on the private sector. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING THE BONDS The Bonds will be issued for the purpose of (a) financing the construction of (i) renovation improvements to the historic school building known as the Kanab Center, Building B and all related improvements and (ii) renovation improvements to the Kane County Administration Building and all related improvements (collectively, the 'Series 2022A Project') and (b) paying issuance expenses of the Bonds. PARAMETERS OF THE BONDS The Authority intends to issue the Bonds in the principal amount of not to exceed Two Million Dollars ($2,000,000), to bear interest at the rate or rates of not to exceed a rate of one-half percent (.50%) per annum, to mature in not more than thirty-three (33) years from their date or dates of issuance, and to be sold at a price not less than ninety-eight percent (98%) of the total principal amount thereof, plus accrued interest to the date of delivery. The Bonds are to be issued and sold by the Authority pursuant to the Resolution, including as part of said Resolution, forms of a Master Resolution (the 'Master Resolution'), a Master Lease Agreement (the 'Master Lease'), a Ground Lease Agreement (the 'Ground Lease') and certain Security Documents (the 'Security Documents'), which were before the Governing Board and attached to the Resolution at the time of the adoption of the Resolution and said Master Resolution, Master Lease, Ground Lease and Security Documents are to be executed by the Authority in such form and with such changes thereto as shall be approved by the Authority; provided that the principal amount, interest rates, maturity, and discount of the Bonds will not exceed the maximums set forth above. Copies of the Resolution, Master Resolution, Master Lease, the Ground Lease and Security Documents are on file in the office of the Clerk/Auditor of Kane County (the 'County') located at 76 North Main Street, Kanab, Utah, where they may be examined during regular business hours of the County Clerk/Auditor 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 last date of publication of this notice. SECURITY FOR THE BONDS This Bonds are to be issued under and secured by and entitled to the protection of the Master Resolution, pursuant to which all base rentals payable by Kane County, Utah (the 'County') under the Master Lease and, if paid by the County, the Purchase Option Price, are assigned to secure the payment of principal of, interest on, and premium, if any on the Bonds. Additionally, a security interest in the Project shall be granted to the holders of this Bonds pursuant to the Master Lease, to further secure the Authority's obligations under the Master Resolution. OUTSTANDING BONDS SECURED BY LEASE REVENUES The Authority currently has $0 of bonds outstanding secured by lease revenues. 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 Authority at (435) 644-4901. TOTAL ESTIMATED COST Based on the Issuer's current Project plan of finance and a current estimate of interest rates, the total principal and interest cost of the Bonds if held until maturity is $2,089,690. NOTICE IS HEREBY GIVEN that a period of thirty (30) days from and after the last date of the publication of this notice is provided by law during which (i) any person in interest shall have the right to contest the legality of the Master Resolution, Master Lease or Security Documents, 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; and (ii) registered voters within the County may sign a written petition requesting an election to authorize the issuance of the Bonds. If written petitions which have been signed by at least twenty percent (20%) of the registered voters of the County are filed with the Authority during said thirty (30) day period, the Authority shall be required to hold an election to obtain voter authorization prior to the issuance of the Bonds. If fewer than twenty percent (20%) of the registered voters of the County file a written petition during said thirty (30) day period, the Authority may proceed to issue the Bonds without an election. DATED this December 14, 2021. /s/ Karla Johnson Secretary-Treasurer

Notice of Special Accommodations (ADA)

NOTICE OF SPECIAL ACCOMMODATION DURING PUBLIC MEETINGS In compliance with the Americans with Disabilities Act, individuals needing special accommodations (including auxiliary communicative aids and services) during this meeting should notify Karla Johnson at 435-644-2458.

Notice of Electronic or Telephone Participation

n/a

Meeting Information

Meeting Location

76 N Main
Kanab, UT 84741
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Contact Name

Chameill Lamb

Contact Email

clamb@kane.utah.gov

Notice Posting Details

Notice Posted On

December 14, 2021 06:58 PM

Notice Last Edited On

December 14, 2021 06:58 PM

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