General Information

Government Type

Interlocal

Entity

Heber Light and Power

Entity Website

http://www.heberpower.com/

Public Body

Heber Light and Power

Notice Information

Add Notice to Calendar

Notice Title

Notice of Public Hearing and Bonds to be Issued

Notice Subject(s)

Bonds

Notice Type(s)

Notice, Hearing

Event Start Date & Time

September 28, 2022 06:00 PM

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 (the 'Act'), that on August 24, 2022, the Board of Directors (the 'Board') of Heber Light & Power Company (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Electric Revenue Bonds, Series 2023 (the 'Series 2023 Bonds') (to be issued in one or more series and with such other series or title designation(s) as may be determined by the Issuer) and called a public hearing to receive input from the public with respect to (a) the issuance of the Series 2023 Bonds and (b) any potential economic impact that the Project described herein to be financed with the proceeds of the Series 2023 Bonds may have on the private sector. TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on September 28, 2022, at the hour of 6:00 p.m. at the Heber Light & Power boardroom, located at 31 South 100 West, Heber City, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Series 2023 Bonds, and (b) any potential economic impact that the Project to be financed with the proceeds of the Series 2023 Bonds may have on the private sector. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING THE SERIES 2023 BONDS The Series 2023 Bonds will be issued for the purpose of (a) financing the construction of capital improvements, including the completion of the South Fields Substation, land purchase for an East substation, an administrative office building and shop, as well as other needed system improvements and related improvements (collectively, the 'Project'), (b) funding a deposit to a debt service reserve account, if necessary, and (c) paying costs of issuance of the Series 2023 Bonds. PARAMETERS OF THE SERIES 2023 BONDS The Issuer intends to issue the Series 2023 Bonds in the aggregate principal amount of not more than Twenty-Nine Million Five Hundred Thousand Dollars ($29,500,000), to mature in not more than twenty-six (26) years from their date or dates, to be sold at a price not less than ninety-eight percent (98%) of the total principal amount thereof and bearing interest at a rate or rates not to exceed five and one-half percent (5.50%) per annum. The Series 2023 Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a Trust Indenture and a Supplemental Indenture of Trust (together, the 'Indenture') which were before the Board at the time of the adoption of the Resolution and said Indenture is to be executed by the Issuer in such form and with such changes thereto as shall be approved by the Issuer; provided that the principal amount, interest rate or rates, maturity, and discount of the Series 2023 Bonds will not exceed the maximums set forth above. The Issuer reserves the right to not issue the Series 2023 Bonds for any reason and at any time up to the issuance of the Series 2023 Bonds. REVENUES PROPOSED TO BE PLEDGED The Series 2023 Bonds are special limited obligations of the Issuer payable from the net revenues of the Issuer's Electric System (the 'System'). OUTSTANDING BONDS SECURED BY REVENUES The Issuer currently has outstanding parity bonds of $18,695,000 secured by the net revenues of the System. OTHER OUTSTANDING BONDS OF THE ISSUER Additional information regarding the Issuer's outstanding bonds may be found in the Issuer's annual financial report (the 'Financial Report') at: https://reporting.auditor.utah.gov/searchreports/s/. For additional information, including any information more recent than as of the date of the Financial Report, please contact Bart Miller, Chief Financial Officer, (435) 654-1581. 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 rate cost of the Series 2023 Bonds to be issued under the Act to finance the Project, if held until maturity, is $54,484,000. A copy of the Resolution and the Indenture are on file in the office of Heber Light & Power Company, 31 South 100 West, Heber City, Utah, where they may be examined during regular business hours of the Issuer 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 date of publication of this notice. 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 (as it pertains to the Series 2023 Bonds), or the Series 2023 Bonds, or any provision made for the security and payment of the Series 2023 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 August 24, 2022. /s/Karly Schindler Board Secretary

Notice of Special Accommodations (ADA)

In compliance with the Americans with Disabilities Act, individuals needing special accommodations (including auxiliary communicative aids and services) during this meeting should notify Karly Schindler at 435-654-1581.

Notice of Electronic or Telephone Participation

https://heberpower.zoom.us/j/85453219570

Meeting Information

Meeting Location

31 S 100 W
Heber City, UT 84032
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Contact Name

Karly Schindler

Contact Email

kschindler@heberpower.com

Contact Phone

(435)654-1581

Notice Posting Details

Notice Posted On

August 30, 2022 04:20 PM

Notice Last Edited On

September 26, 2022 11:13 AM

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