General Information

Government Type

County

Entity

Kane County

Public Body

Kane County Municipal Building Authority

Notice Information

Add Notice to Calendar

Notice Title

Public Hearing

Notice Tags

Bonds

Notice Type(s)

Hearing

Event Start Date & Time

January 10, 2023 06:00 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 14, 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 November 22, 2022 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 2023 (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 10, 2023, 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 2023 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 Three Million Five Hundred Thousand Dollars ($3,500,000), to bear interest at a rate or rates of not to exceed one percent (1.00%) 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 and 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, 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 The 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 the 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 $2,630,000 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.

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
Show in Apple Maps Show in Google Maps

Contact Name

Chameill Lamb

Contact Email

clamb@kane.utah.gov

Notice Posting Details

Notice Posted On

November 28, 2022 03:58 PM

Notice Last Edited On

November 28, 2022 03:58 PM

Subscribe by Email

Subscription options will send you alerts regarding future notices posted by this Body.