Granger-Hunter Improvement District Public Hearing and Bonds to Be Issued
Notice Tags
Public Utilities, Special Districts
Notice Type(s)
Hearing,
Bond
Event Start Date & Time
May 16, 2023 03:00 PM
Event End Date & Time
May 16, 2023 04:00 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 April 18, 2023, the Board of Trustees (the 'Board') of Granger-Hunter Improvement District, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Water and Sewer Revenue Bonds, Series 2023B (the 'Series 2023B 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.
TIME, PLACE, LOCATION AND PURPOSE OF PUBLIC HEARING
The Issuer shall hold a public hearing on May 16, 2023, at 3:00 p.m. at the Issuer's Office located at 2888 South 3600 West, West Valley City, Utah, at the hour of 3:00 p.m. to receive input from the public with respect to (a) the issuance of the Series 2023B Bonds and (b) any potential economic impact that the project to be financed with proceeds of the Series 2023B Bonds may have on the private sector. All members of the public are invited to attend and participate.
PURPOSE FOR ISSUING THE SERIES 2023B BONDS
The Series 2023B Bonds will be issued for the purpose of: (a) financing all or a portion of the costs of construction of improvements to its water system (the 'System'), replacement of waterlines and additional system storage and all related improvements (collectively, the 'Project'), (b) funding any necessary debt service reserve funds, and (c) paying costs of issuance of the Series 2023B Bonds.
PARAMETERS OF THE SERIES 2023B BONDS
The Issuer intends to issue the Series 2023B Bonds in the aggregate principal amount of not more than Thirty Million Dollars ($30,000,000), to mature in not more than twenty-one (21) 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 2023B Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a Indenture (the 'Indenture') which was before the Board in substantially final form 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 2023B Bonds will not exceed the maximums set forth above. The Issuer reserves the right to not issue the Series 2023B Bonds for any reason and at any time up to the issuance of the Series 2023B Bonds.
REVENUES PROPOSED TO BE PLEDGED
The Series 2023B Bonds are special limited obligations of the Issuer payable from the net revenues of the System (the 'Revenues').
OUTSTANDING BONDS SECURED BY PLEDGED REVENUES
The Issuer currently has $27,977,620 of bonds outstanding secured by the 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 Austin Ballard, Controller, (801) 955-2206.
TOTAL ESTIMATED COST OF THE SERIES 2023B BONDS
Based on the Issuer's current plan of finance and a current estimate of interest rates, the total principal and interest cost of the Series 2023B Bonds, if held until maturity, is $35,122,900.
A copy of the Resolution and form of the Indenture are on file in the office of the Controller/Clerk of the Issuer, 2888 South 3600 West, West Valley City, Utah, where they may be examined during regular business hours of the Controller/Clerk from 8:00 a.m. to 5:00 p.m. Monday through Thursday, 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 2023B Bonds), or the Series 2023B Bonds, or any provision made for the security and payment of the Series 2023B 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 April 18, 2023.
/s/ Austin Ballard
Controller/Clerk
Notice of Special Accommodations (ADA)
Reasonable accommodation will be made for disabled persons needing assistance to attend or participate in this meeting. Please contact Kristy Johnson at 801-968-3551 at least 48 hours before the meeting.
Notice of Electronic or Telephone Participation
Electronic participation is available through our website: www.ghid.org