General Information

Government Type

Municipality

Entity

Wellington

Public Body

Wellington City Council

Notice Information

Add Notice to Calendar

Notice Title

Resolution 2022-07

Notice Tags

Business

Notice Type(s)

Notice

Event Start Date & Time

August 10, 2022 06:00 PM

Event End Date & Time

August 10, 2022 07:00 PM

Description/Agenda

WELLINGTON CITY, UTAH AUTHORIZING RESOLUTION SEWER REVENUE BOND ANTICIPATION NOTES AND SEWER REVENUE BONDS OR REVENUE REFUNDING BONDS August 10, 2022 RESOLUTION NO. 2022-07 A RESOLUTION AUTHORIZING THE MAXIMUM AMOUNT OF $5,250,000 SEWER REVENUE BOND ANTICIPATION NOTES, AND $5,250,000 SEWER REVENUE OR REVENUE REFUNDING BONDS, PURSUANT TO APPROVALS BY A PRICING COMMITTEE, FOR SEWER SYSTEM IMPROVEMENTS, AND RELATED IMPROVEMENTS; AND RELATED MATTERS. WHEREAS, Wellington City, Carbon County, Utah (the 'Issuer'), a political subdivision and body politic duly and regularly created, established and organized and existing under and by virtue of the Constitution and laws of the State of Utah, desires to finance, in part, the acquisition and construction of Sewer system improvements, and related improvements (the 'System'); and WHEREAS, on July 22, 2020 the Issuer adopted a resolution authorizing $4,800,000 in Sewer Revenue Bonds and Bond Anticipation Notes; and WHEREAS, when the Issuer bid the sewer project to be funded, the bid came in high and the Issuer was required to obtain additional funding approval; and WHEREAS, the Issuer adopted a Parameters Resolution on July 13, 2022, authorizing the issuance and sale of its Sewer Revenue Bond Anticipation Notes and Sewer Revenue Bonds in a maximum aggregate principal amount not to exceed $5,250,000 bearing interest at a maximum rate of four percent (4.0%) per annum, to mature in not more than forty (40) years from their date or dates for the Bonds and to mature in not more than three (3) years from their date or dates for the Notes, and each to be sold at a price not less than ninety-eight percent (98%) of the total amount thereof, the Bonds and Notes to be issued for the purpose of financing, in part, (1) the acquisition and construction of sewer system improvements, and related improvements (the 'Project'), and (2) to pay the costs of issuing the Bonds and Notes, all pursuant to this Resolution and a Note Resolution of the Pricing Committee authorizing and confirming the issuance and sale of the Notes, and a Bond Resolution of the Pricing Committee authorizing and confirming the issuance and sale of the Bonds, in one or more series, in substantially the form attached hereto as Exhibit D (herein referred to as 'Note Resolutions') and Exhibit E (herein referred to as 'Bond Resolutions'), and posted and published required notices as authorized therein; and WHEREAS, the Act provides that the Issuer may, by resolution, delegate to one or more officers of Issuer the authority to: (i) in accordance with and within the parameters set forth in the Notice of Public Hearing and Bonds and Bond Anticipation Notes to Be Issued published in a newspaper of general circulation of the Issuer, approve the final interest rate or rates, price, principal amount, maturity or maturities, redemption features, and other terms of the Bond Anticipation Notes and the Bonds; and (ii) approve and execute all documents relating to the issuance of the Notes and the Bonds; and WHEREAS, the Issuer desires to issue certain bond anticipation notes in the maximum amount of $5,250,000 pursuant to an Interlocal Agreement and/or Loan Agreement and associated documents with an interlocal agency Rural Water Financing Agency that is organized and existing under the laws of the State of Kentucky; and WHEREAS, the Issuer desires to finance said improvements, in part, by issuing its Sewer Revenue Bond Anticipation Notes, in one or more series, in the total maximum principal amount of $5,250,000 (collectively, the 'Series 2022 Note or Notes') in anticipation of the issuance of its Sewer Revenue Refunding Bonds and/or its Sewer Revenue Bonds, in one or more series (collectively, the 'Bonds'), also in the total maximum principal amount of $5,250,000 to finance, in part, the acquisition and construction of Sewer system improvements, and related improvements (the 'Project'); and WHEREAS, the Issuer desires to reaffirm its delegation of power to its Mayor and City Recorder (together, the 'Pricing Committee'), in accordance with this Resolution, as authorized by Section 11-14-302 of the Act, the authority to approve the final interest rate or rates, price, principal amount, maturity or maturities, redemption features, and other terms of the Notes and Bonds; and (i) approve and execute all documents relating to the issuance of the Notes, all in one or more series, in accordance with the Note Resolution; and (ii) approve and execute all documents relating to the issuance of the Bonds, all in one or more series, in accordance with the Bond Resolution; and WHEREAS, the Issuer previously issued its Taxable Sewer Revenue Bonds, Series 2011 in the original principal amount of $240,000 bearing no interest (the 'Outstanding Bonds'); and WHEREAS, the Issuer does not have on hand money to pay the cost thereof, the revenues to be derived by the Issuer from the operation of its System will not be pledged or hypothecated in any manner or for any purpose at the time of the issuance of the Series 2022 Notes, and the future Sewer Revenue Bonds to retire and refund the Series 2022 Notes and any and all other notes related to the Sewer system; and WHEREAS, the Utah Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated, 1953, as amended (the 'Act'), provides that the Issuer may issue nonvoted revenue bonds as long as revenues generated from the revenue producing facilities of the Issuer are sufficient to pay for operation and maintenance of said facilities and debt service on all outstanding obligations and any bonds issued on parity, secured by the revenues of said facilities; and WHEREAS, the Issuer has been advised that its System will generate sufficient revenues to pay for the operation and maintenance of the System as well as debt service on all proposed and outstanding obligations secured by the revenues of the System, including the Series 2022 Notes and the Bonds authorized herein; and WHEREAS, the Issuer desires to authorize its Sewer Revenue Bond Anticipation Notes in the aggregate principal amount of not to exceed $5,250,000 (the 'Note' or 'Notes') pursuant to this Resolution, and a Note Resolution or Loan Agreement of the Pricing Committee (the 'Note Resolution') attached as Exhibit D; and WHEREAS, the Issuer desires to authorize its Sewer Revenue Bonds or Revenue Refunding Bonds, in one or more series, in the maximum aggregate principal amount of not to exceed $5,250,000 (the 'Bond' or 'Bonds') pursuant to this Resolution and a Bond Resolution of the Pricing Committee (the 'Bond Resolution') attached as Exhibit E; and WHEREAS, the United States Department of Agriculture - Rural Development ('USDA') originally authorized the financing in the amount of a $3,000,000 loan and a $1,370,000 grant for Wellington's Sewer system, with the loan to be evidenced by Sewer revenue bonds; and WHEREAS, subsequently, USDA has authorized an additional financing package for Wellington's Sewer system with an additional loan in the amount of $1,082,000 and an additional grant in the amount of $418,000; and WHEREAS, typically USDA requires interim or construction financing for the loans it authorizes; and WHEREAS, the Issuer desires to authorize interim funding through a loan agreement with an interlocal agency or other funding vehicle and to reauthorize long term funding on its Sewer project; and WHEREAS, the purchaser or underwriter for the Series 2022 Notes (interim financing) has not been finalized but the Pricing Committee appointed herein shall be authorized to select the purchaser(s) or underwriter(s) for the Series 2022 BANS and to finalize the terms of the Series 2022 BANS, in one or more series, in the maximum aggregate principal amount of $5,250,000 pursuant to resolution(s) or interlocal agreement(s) or loan agreement(s) as the Pricing Committee may determine to be best for the Issuer; and WHEREAS, the Series 2022 Notes shall be special limited obligations of the Issuer and shall be payable as to principal solely from and to the extent of the sources set forth in the Series 2022 Notes (i.e., the Notes) or any Bond Anticipation Notes issued in substitution for the Series 2022 Notes (the 'Replacement Notes'), when and if issued, sold and delivered, and as to interest solely out of the Net Revenues to the payment of the principal of or interest on the Series 2022 Notes. Payment of interest on the Series 2022 Notes and payment of principal and interest of the Bonds to refund the Series 2022 Notes are secured by an equal lien pledge of the Net Revenues of the Issuer's System as set forth herein; and WHEREAS, the Bonds shall be special limited obligations of the Issuer and shall be payable as to principal and interest solely from the Net Revenues of the System and shall not be general obligations of the Issuer: NOW THEREFORE, IT IS HEREBY RESOLVED by the City Council of Wellington City, Utah, as follows: Section 1. The terms defined or described in the recitals hereto shall have the same meanings when used in the body of this Resolution. Section 2. All actions heretofore taken (not inconsistent with the provisions of this Resolution), by the Council of the Issuer directed toward the issuance and sale of the Notes, are hereby ratified, approved and confirmed. Section 3. A form of Loan Agreement and a form of Interlocal Agreement are each attached hereto as Exhibits B & C and both forms are authorized and approved for the Series 2022 Bond Anticipation Notes, in one or more series, with such changes thereto as shall be approved by the Pricing Committee, as authorized by Section 11-14-302 of the Act, which Pricing Committee, consisting of the Mayor and the City Recorder, is hereby authorized and appointed. Section 4. The appointment of the Mayor and City Recorder as a Pricing Committee is hereby reaffirmed. Section 5. Upon their issuance, the Series 2022 Notes, in one or more series, shall be special limited obligations of the Issuer and shall be payable as to principal solely from and to the extent of the source set forth in the Series 2022 Notes (i.e., the Bonds) or any Bond Anticipation Notes issued in substitution for the Series 2022 Notes (the 'Replacement Notes'), when and if issued, sold and delivered, and as to interest solely out of the Net Revenues to the payment of the principal of or interest on the Series 2022 Notes. Likewise, upon their issuance, the Bonds, in one or more series, shall be special limited obligations of the Issuer and shall be payable as to principal and interest solely out of the Net Revenues of the System. Payment of interest on the Series 2022 Notes and payment of principal and interest of the Bonds are secured by an equal lien pledge of the Net Revenues of the Issuer's System as set forth herein. No provision of this Resolution, the Note Resolution, the Interlocal Agreement, the Notes, the Bonds, the Bond Resolutions or any other instrument, shall be construed as creating a general obligation of the Issuer, or of creating a general obligation of the State of Utah or any political subdivision thereof, or as incurring or creating a charge upon the general credit of the Issuer or its taxing powers. Section 6. The Pricing Committee and other appropriate officials of the Issuer are authorized and directed to execute, seal and deliver for and on behalf of the Issuer any or all additional certificates, documents and other papers (including any purchase agreements related to the Series 2022 Notes or the Bonds) and to perform all other acts they may deem necessary or appropriate in order to carry out the matters and documents authorized by this Resolution. Section 7. After the Notes are delivered to the Purchaser(s), and upon receipt of payment therefor, the Note Resolution and/or Interlocal Agreement, as shall be approved by the Pricing Committee, shall be and remain irrepealable until the principal of, premium, if any, and interest on the Series 2022 Notes, in one or more series, are deemed to have been duly discharged in accordance with the terms and provisions of the related Note Resolution and/or Interlocal Agreement. Section 8. Notice of Public Hearing and Bonds and Bond Anticipation Notes to be Issued. In accordance with the provisions of the Utah Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended, the Issuer has (a) designated the ETVNews as the official newspaper of the Issuer authorized to publish legal notices for the Issuer, (b) caused a 'Notice of Public Hearing and Bonds and Bond Anticipation Notes to be Issued' (the 'Notice') to be published once in the ETVNews, a newspaper having general circulation in the Issuer with the first publication being not less than (14) days before the date set for the public hearing, and (c) for at least thirty (30) days from and after the last publication of the Notice, caused a copy of the form of this Resolution and the Parameters Resolution to be kept on file in the office of the City Recorder of the Issuer for public examination during regular business hours. Section 9. In accordance with the provisions of the Utah Interlocal Cooperation Act, Title 11, Chapter 13, Section 219 of the Utah Code, in the event the Pricing Committee finalize one or more Interlocal Agreements with respect to the Series 2022 Notes, in one or mor series, the City Recorder shall cause notice of agreements and bond anticipation notes to be published in a newspaper of general circulation in the Issuer one time, and posted on the Utah Public Notice Website, and posted at the City offices for at least 30 days. Section 10. This Resolution supersedes and replaces the resolution of the Issuer adopted on July 22, 2020. Section 11. All parts of this Resolution are severable, and if any section, clause or provision of this Resolution is, for any reason, held to be invalid or unenforceable, the invalidity or unenforceability of that section, clause or provision does not affect the remaining sections, clauses or provisions of this Resolution. Section 12. All resolutions, orders and regulations or parts previously adopted or passed which are in conflict with this Resolution are, to the extent of such conflict, repealed. This repealer shall not be construed so as to revive any resolution, order, regulation or part thereof heretofore repealed. Section 13. The City Recorder is directed to complete the attached Record of Proceedings. Section 14. This Resolution shall take effect immediately upon its approval and adoption. This Resolution is deemed and shall constitute the legislative action of the City Council with respect to the approval of the Notes and Bonds, and no further legislative action is anticipated at this time. The approval and execution of the Note Resolution and/or Interlocal Agreement and the Bond Resolutions by the Pricing Committee, as authorized and delegated herein, is deemed and shall constitute an administrative action. PASSED, APPROVED AND ADOPTED this August 10, 2022. Mayor ATTEST: City Recorder ( S E A L ) RECORD OF PROCEEDINGS The City Council (the 'Council') of the Wellington City, Utah (the 'Issuer'), met in public session at the regular meeting place of the Council, on August 10, 2022, at the hour of 6:00 p.m., or as soon thereafter as feasible, with the following members of the Council being present: Bradley Timothy Mayor Glen Wells Councilmember Bethany Perea Councilmember Caleb Nelson Councilmember Jack Clark Councilmember Barney Zauss Councilmember Also present: Gracie Procarione City Recorder Absent: After the meeting had been duly called to order and after other matters not pertinent to this resolution had been discussed, the City Recorder presented to the Council a Certificate of Compliance with Open Meeting Law with respect to this August 10, 2022 meeting, a copy of which is attached hereto as Exhibit A. The following resolution was then introduced in writing, was fully discussed, and pursuant to motion duly made by Councilmember _____________________ and seconded by Councilmember _________________, adopted by the following vote: YEA: NAY: ABSTAINING: The resolution was then signed by the Mayor in open meeting and recorded by the City Recorder in the official records of Wellington City, Utah. Other business not pertinent to the foregoing ordinance appears in the minutes of the Meeting. Upon the conclusion of all the business on the agenda and upon motion duly made and seconded, the Meeting was adjourned. CERTIFICATE OF CITY RECORDER I, Gracie Procarione, the undersigned and duly qualified and acting City Recorder of the Issuer do hereby certify: The attached Resolution is a true, accurate and complete copy thereof adopted by the Council of the Issuer at a lawful public meeting duly held and conducted by the Council in Wellington, Utah, on August 10, 2022, commencing at the hour of 6:00 p.m., or as soon thereafter as feasible (the 'Meeting'), as recorded in the regular official book of the proceedings of the Issuer kept in my office. The Meeting was called and noticed as required by law as is evidenced by the following Certificate of Compliance with Open Meeting Law. The persons present and the result of the vote taken at the Meeting are all as shown above. Attached hereto is an affidavit of publication of the foregoing ordinances or a summary thereof. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the Issuer, this August 10, 2022. ____________________________________ City Recorder ( S E A L ) EXHIBIT A CERTIFICATE OF COMPLIANCE WITH OPEN MEETING LAW I, Gracie Procarione, the undersigned City Recorder of the Issuer do hereby certify, according to the records of the Issuer in my official possession, and upon my own knowledge and belief, that in accordance with the requirements of Section 52-4-202, Utah Code Annotated 1953, as amended, I gave not less than twenty-four (24) hours public notice of the agenda, date, time, and place of the August 10, 2022, public meeting held by the Issuer as follows: A) By causing a notice, in the form attached hereto (the 'Meeting Notice'), to be posted at the Issuer's principal offices at least twenty-four (24) hours prior to the convening of the meeting, the Meeting Notice having continuously remained so posted and available for public inspection until the completion of the meeting; and B) By causing a copy of the Meeting Notice to be delivered to a newspaper of general circulation in the Issuer at least twenty-four (24) hours prior to the convening of the meeting. This delivery to the newspaper can be satisfied by posting to the Utah Public Notice Website and designating the paper to receive notices from the Issuer. C) By causing a copy of the Meeting Notice to be posted on the Utah Public Notice Website designating a paper of general circulation for delivery of the notice, at least 24 hours prior to the meeting. In addition, the Notice of 2022 Annual Meeting Schedule for the Issuer, attached hereto, specifying the date, time and place of the regular meetings of the governing body of the Issuer to be held during the calendar year 2022 was posted on ____________, 202__, at the principal offices of the Issuer and provided to at least one newspaper of general circulation within the geographic jurisdiction of the Issuer on _____________, 202__, and posted on the Utah Public Notice Website on _____________, 202__. IN WITNESS WHEREOF, I have hereunto subscribed my official signature this August 10, 2022. ____________________________________ ( S E A L ) City Recorder (Attach Annual Meeting Schedule 2022 and Meeting Notice, including proof of posting thereof on the Utah Public Notice Website) EXHIBIT B FORM OF PROPOSED LOAN AGREEMENT (See Transcript Document No. __) EXHIBIT C FORM OF INTERLOCAL AGREEMENT (See Transcript Document No. ___) EXHIBIT D FORM OF NOTE RESOLUTION(S) (See Transcript Document No. __) EXHIBIT E FORM OF BOND RESOLUTION(S) (See Transcript Document No. __)

Notice of Special Accommodations (ADA)

In compliance with the Americans with Disabilities Act, persons needing auxiliary services for this meeting should call Gracie 435-637-5213 at least 24 hours prior to the meeting.

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Meeting Information

Meeting Location

150 West Main Street
Wellington, UT 84542
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Contact Name

Julie Kilgrow

Contact Email

recorder@wellingtonutah.gov

Contact Phone

435-355-7850

Notice Posting Details

Notice Posted On

August 09, 2022 11:50 AM

Notice Last Edited On

August 09, 2022 11:50 AM

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