UPDATED FOR LOCATION Notice of Public Hearing and Bonds to Be Issued
Event Start Date & Time
February 21, 2023 04:00 PM
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 January 20, 2023, the County Commission (the 'Commission') of Washington County, Utah (the 'County'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the County's Sales Tax Revenue Bonds, Series 2023A and Taxable Sales Tax Revenue Bonds, Series 2023B (together, 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 County, including whether the Series 2023 Bonds will be taxable or tax-exempt), and called a public hearing to receive input from the public.
TIME, PLACE, LOCATION AND PURPOSE OF PUBLIC HEARING
The County shall hold a public hearing on February 21, 2023, at the hour of 4:00 p.m. at 197 East Tabernacle Street, St. George, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Series 2023 Bonds for the Project described herein and (b) any potential economic impact that the public infrastructure 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 renovation of the Washington County Boulevard Building and all related improvements (collectively, the 'Project'), (b) funding any debt service reserve fund, as required, and (c) paying costs of issuance of the Series 2023 Bonds.
PARAMETERS OF THE SERIES 2023 BONDS
The County intends to issue the Series 2023 Bonds in the aggregate principal amount of not more than Twenty Million Dollars ($20,000,000), to mature in not more than twenty-five (25) 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 six percent (6.00%) per annum. The Series 2023 Bonds are to be issued and sold by the County pursuant to the Resolution, a General Indenture of Trust dated as of October 1, 2006 (the 'General Indenture'), and a Supplemental Indenture to be entered into in connection with the Series 2023 Bonds (the 'Supplemental Indenture' and together, the 'Indenture'), which Supplemental Indenture was before the Commission in substantially final form at the time of the adoption of the Resolution and said Supplemental Indenture is to be executed by the County in such form and with such changes thereto as shall be approved by the County; 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 County 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 County proposes to pledge all or any portion of the Local Sales and Use Tax revenues and County Option Sales and Use Tax received by the County pursuant to the Local Sales and Use Tax Act, Title 59, Chapter 12, Parts 2 and 11 of the Utah Code Annotated 1953, as amended ('Utah Code') for payment of the Series 2023 Bonds (the 'Revenues').
OUTSTANDING BONDS SECURED BY REVENUES
The County currently has $5,215,000 of outstanding bonds secured by the Revenues.
OTHER OUTSTANDING BONDS OF THE COUNTY
Additional information regarding the County's outstanding bonds may be found in the County's 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 the County Administrator at (435) 634-5700.
TOTAL ESTIMATED COST OF SERIES 2023 BONDS
Based on the County's current plan of finance and a current estimate of interest rates, the total principal and interest cost of the Series 2023 Bonds, if held until maturity, is $39,214,700.
A copy of the Resolution and the Indenture are on file in the office of the Clerk/Auditor at 197 East Tabernacle Street, St. George, Utah, Utah, where they may be examined during regular business hours of the 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 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 (i) any person in interest shall have the right to contest the legality of the Resolution, the Indenture (only 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 and (ii) registered voters within Washington County, Utah may sign a written petition requesting an election to authorize the issuance of the Series 2023 Bonds. If written petitions which have been signed by at least 20% of the registered voters of Washington County, Utah are filed with the County during said 30-day period, the County shall be required to hold an election to obtain voter authorization prior to the issuance of the Series 2023 Bonds. If fewer than 20% of the registered voters of Washington County, Utah file a written petition during said 30-day period, the County may proceed to issue the Series 2023 Bonds without an election.
DATED this January 23, 2023.
/s/ Sarah Lloyd
Notice of Special Accommodations (ADA)
Washington County will make efforts to provide reasonable accommodations to disabled members of the public in accessing county programs. Please contact the Washington County Commission Office at 435.634.5700 in advance if you have special needs.