NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED
NOTICE IS HEREBY GIVEN pursuant to the provisions of the Utah Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended (the 'Act'), that on June 13, 2022, the Governing Board (the 'Board') of Tridell-Lapoint Water Improvement District, Uintah County, Utah (the 'Issuer') adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Water Revenue Bonds, in one or more series (herein, the 'Bonds') in an aggregate Principal amount not to exceed $1,200,000, to bear no interest, to mature in not more than forty (40) years from their date or dates, and to be sold at a price not less than ninety-nine percent (99%) of the total principal amount thereof, plus accrued interest, if any, to the date of delivery. The estimated total cost to the Issuer for the proposed Bonds, if the Bonds are held until the maximum maturity, based on the maximum interest rate above, if any, is $1,200,000. However, the Issuer has obtained a commitment from the State of Utah Department of Environmental Quality, Drinking Water Board for a Taxable Water Revenue Bond in the principal amount of $890,000, bearing no interest, and to mature in not more than forty (40) years. In addition, the State of Utah acting through its Department of Environmental Quality, Drinking Water Board (the 'DWB' or 'Drinking Water Board') has authorized an American Rescue Plan Act ('ARPA') grant in the amount of $3,500,000 to the Issuer for the Project which does not need to be repaid. Currently the Issuer has $2,466,831 in outstanding bonds that are secured by the same pledge of revenues as the proposed Bonds. Due to proper planning, it is anticipated that the base water rate will not be affected to service this loan and existing water revenue bonds of the District.
NOTICE IS FURTHER GIVEN that the Issuer called a public hearing for the purpose of inviting public comment on the proposed issuance of the Bonds and the economic impact that the improvements proposed to be financed with the Bonds will have on the private sector. The public hearing will be held on July 11, 2022, at 6:30 p.m., or as soon thereafter as feasible, at the regular meeting place of the Tridell-Lapoint Water Improvement District located at 10295 North 8200 East, in Tridell, Utah. As water revenue bonds, no property taxes will be pledged for repayment of the Bonds, although taxes may be used to pay for operations and maintenance expenses of the Issuer.
The Bonds will be issued pursuant to the Resolution and a Final Bond Resolution to be adopted authorizing and confirming the sale of the Bonds for the purpose to finance, in part, (i) the acquisition and construction of water system improvements, including replacing aging and undersized water lines, and related improvements (the 'Project'), and (ii) to pay the costs of issuing the Bonds.
A draft of the Final Bond Resolution in substantially final form was before the Board and was part of the Resolution at the time of the adoption of the Resolution by the Board. The Final Bond Resolution is to be adopted by the Board in such form and with such changes thereto as shall be approved by the Board upon the adoption thereof; provided that the principal amount, the interest rate or rates, maturity and discount of the Bonds will not exceed the maximums set forth above.
A copy of the Resolution and Final Bond Resolution are on file in the office of the Manager/District Clerk of the Issuer where they may be examined during regular business hours of the Issuer from 9:00 a.m. to 1:00 p.m. on Wednesdays for a period of at least thirty (30) days from and after the date of publication of this notice or at other times during business hours by appointment by calling (435) 247-2475.
NOTICE IS FURTHER GIVEN that a period of thirty (30) days from and after the date of the publication of this notice, any person in interest shall have the right to contest the legality of the Resolution or Final Bond Resolution or the Bonds, or any provision made for the security and payment of the Bonds by filing a verified written complaint in the district court of their county of residence, and that after such 30-day period, other than referendum rights, no one shall have any cause of action to contest the regularity, formality or legality thereof for any reason.
DATED June 13, 2022.
/s/ Isaac Hatch
Manager/District Clerk
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 Jared McKee at 435-247-2475.
Notice of Electronic or Telephone Participation
No electronic or telephone ecquipment available for participation.