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NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED

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General Information

Government Type
Special Service District
Entity
Seven County Infrastructure Coalition
Public Body
Governing Board

Notice Information

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Notice Title
NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED
Notice Tags
Hearings
Notice Type(s)
Hearing
Event Start Date & Time
March 9, 2023 10:00 AM
Description/Agenda
NOTICE IS HEREBY GIVEN pursuant to the provisions of the Utah Interlocal Cooperation Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended, that on February 9, 2023, the Governing Board (the 'Governing Board') of Seven County Infrastructure Coalition, Utah (the 'Issuer') adopted an inducement resolution (the 'Resolution') in which it expressed its intent to issue Private Activity Bonds, in one or more series, in the aggregate principal amount of not to exceed Two Billion Dollars ($2,000,000,000), bearing interest at the rate or rates of not to exceed nine percent (9.00%) per annum, to mature in not more than forty (40) years, and to be sold at a price not less than 95% of the total principal amount thereof (the 'Bonds') to finance the acquisition, construction, and equipping of a rail surface transportation and freight transfer facilities, and related improvements consisting of an approximately 85-mile rail line connecting two termini in the Uinta Basin (Basin) near South Myton Bench, Utah, and Leland Bench, Utah, to the national rail network at Kyune, Utah (the Line or the Project). Kyune is near Soldier Summit. The Project will be owned and operated in whole or in part by Uinta Basin Railway Holdings, LLC, f/k/a Drexel Hamilton Infrastructure Fund II, LLC, and before that known as Drexel Hamilton Infrastructure Partners, L.P,, or an affiliate entity thereof (the 'Borrower'). If the Bonds are issued in their full principal amount at the full interest rate for the full term then the repayment of principal and interest on the Bonds will be $7,405,070,350. As private activity bonds no taxes or other revenues of the Seven County Infrastructure Coalition will be pledged for repayment of the Bonds, other than amount received from the Borrower. NOTICE IS FURTHER GIVEN that the Issuer hereby calls a public hearing with respect to the Bonds on March 9, 2023, at 10:00 a.m. at the Carbon County Commission Chambers at 751 E. 100 N., Price, Utah. The Borrower intends to finance, acquire, and construct the Project. This Project involves the financing, acquisition and construction of the rail surface transportation and freight transfer facilities and related improvements. All members of the public are invited to attend and participate in person or by written comment. The Bonds are to be issued pursuant to the Resolution and a Final Bond Resolution which authorizes an Indenture of Trust or similarly related document (collectively, 'Final Bond Resolution') to be adopted authorizing and confirming the sale of the Bonds for the purpose of financing the Project, establishing associated funds, and paying issuance expenses to be incurred in connection with the issuance and sale of the Bonds. The Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution the draft of a Final Bond Resolution which was before the Governing Board and attached to the Resolution in substantially final form at the time of the adoption of the Resolution (collectively, the 'Bond Resolution') and said Final Bond Resolution is to be adopted by the Governing Board in such form and with such changes thereto as shall be approved by the Governing Board upon the adoption thereof. The proposed Bonds will not constitute general obligations of the Issuer, any of its member counties, of the State of Utah or any public body. The Issuer will not be obligated to pay costs incurred in connection with the issuance of the Bonds nor will it be liable to make payments of interest or principal on the Bonds. A copy of the Resolution and the Final Bond Resolution are on file in the office of the Secretary of the Issuer at 751 E., 100 N., Price, Utah, which is also the office of the Carbon County Clerk/Auditor, where they may be examined during regular business hours of the Carbon County Clerk/Auditor and Secretary from 8:00 a.m. to 5:00 p.m. 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 Bond Resolution or the Bonds, or any provision made for the security and payment of the Bonds, 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. This public hearing is required by the Federal Tax Reform Act of 1986. Comments at the public hearing are invited. Written comments may be submitted to the Issuer to its Secretary at the office of the Secretary and the Carbon County Clerk/Auditor at 751 E. 100 N. in Price, Utah. Additional information can be obtained from the Issuer by calling (801) 520-5333. DATED February 9, 2023. /s/ Lenise Peterman 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 Lenise Peterman, 801-712-7622.
Notice of Electronic or Telephone Participation
Lenise Peterman 801-712-7622

Meeting Information

Meeting Location
751 East 100 North
Carbon County Chambers
Price, UT 84501
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Contact Name
Stacey Herpel
Contact Email
stacey@7county.utah.gov
Contact Phone
385-337-0033

Notice Posting Details

Notice Posted On
February 22, 2023 08:35 AM
Notice Last Edited On
February 22, 2023 08:35 AM

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