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,
that on January 3, 2023, the Town Council of Henefer Town, 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 (the 'Bonds'), in an aggregate principal amount of
not to exceed $5,500,000, bearing interest or a Hardship Grant Assessment Fee in Lieu of
Interest at the rate or rates not to exceed 1.0% per annum, to mature in not more than 35
years from their date or dates, and to be sold at a price not less than 99% of the total
principal amount thereof. The estimated total cost to the Issuer for the proposed Bonds, if
the Bonds are held until the maximum maturity, based on the maximum authorized
amount and interest or a Hardship Grant Assessment Fee in Lieu of Interest above, is
approximately $6,520,800. However, the Issuer anticipates that the principal amount of
one series of Bonds will be sold to the State of Utah Department of Natural Resources,
Board of Water Resources in the amount of $1,496,000 bearing interest at the rate of
1.0% per annum to be repaid over 25 years in which case the total amount to be repaid
would be $1,703,700. And, that the principal amount of a second series of Bonds will be
sold to the State of Utah Department of Environmental Quality, Drinking Water Board in
the amount of $2,100,000 bearing a Hardship Grant Assessment Fee in Lieu of Interest at
the rate of 1.0% per annum to be repaid over 30 years in which case the total amount to
be repaid would be $2,460,500. Additionally, the Bureau of Reclamation has authorized
a WaterSmart grant in the amount of $1,000,000 for the Project, none of which will need
to be repaid. It is anticipated that the Town Council will determine a secondary water
rate. As water revenue bonds, no taxes will be pledged to repay the Bonds. Presently,
the Issuer has no outstanding bonds secured by a pledge of secondary water revenues.
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 February 7, 2023, at 7:00
p.m., or as soon thereafter as feasible, at the regular meeting place of the Henefer Town
Council located at 150 W. Center Street, Henefer, Utah.
The Bonds will be issued, pursuant to the Resolution and a Final Bond Resolution
to be adopted by the Town Council of the Issuer authorizing and confirming the sale of
the Bonds, for the purpose to finance, in part, (i) the acquisition, construction and
installation of a secondary water system (the 'System'), including transmission and
distribution, 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
Town Council and was part of the Resolution at the time of its adoption by the Town
Council (collectively, the 'Bond Resolutions'). The Final Bond Resolution is to be
adopted by the Town Council in such form and with such changes thereto as shall be
approved by the Town Council upon the adoption thereof; provided that the principal
amount, interest rate or rates or a Hardship Grant Assessment Fee in Lieu of Interest,
maturity, and discount of the Bonds will not exceed the maximums set forth above.
Copies of the Parameters Resolutions and the Bond Resolutions are on file in the
office of the Town Clerk of the Issuer at the Town offices where they may be examined
by appointment during regular business hours of the Town offices, for a period of at least
thirty (30) days from and after the last date of publication of this notice.
NOTICE IS FURTHER GIVEN that, for a period of thirty (30) days from and
after the last date of the publication of this notice, any person in interest shall have the
right to contest the legality of the Resolution, the 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 the county in which he/she resides, and that after such
time, other than referendum rights, no one shall have any cause of action to contest the
regularity, formality or legality thereof for any cause whatsoever.
DATED January 3, 2023.
/s/ Shelley Richins
Town Clerk