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, that on September 26, 2023, the Board of Trustees (the 'Board') of the Jordanelle Ridge Public Infrastructure District No. 2 (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorizes the issuance of the Issuer's Limited Tax General Obligation Bonds, Series 2023A (the '2023A Senior Bonds') and Subordinate Limited Tax General Obligation Bonds, Series 2023B (the '2023B Subordinate Bonds' and collectively, the 'Bonds') (to be issued in one or more series, under one or more indentures and with such other series or title designation(s) as may be determined by the Issuer) and hold a public hearing as described herein.
PURPOSE, TIME, PLACE AND LOCATION OF PUBLIC HEARING
The Issuer shall hold a public hearing on October 10, 2023, at the hour of 6:00 p.m. at the Wasatch County Library Boardroom, located at 465 E 1200 S, Heber City, UT 84032. All members of the public may participate via video conference at the following link: https://us02web.zoom.us/j/81426541419.
The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Bonds and (b) any potential economic impact that the Project to be financed with the proceeds of the Bonds may have on the private sector. All members of the public are invited to attend and participate. Comments received will be added to the public record at the public hearing. Public comment during the meeting will be allowed. For information on reasonable accommodations, participating electronically, or submitting written comments, please call Janelle Dannenmueller at 801-363-4300 or email jdannenmueller@ck.law.
PURPOSE FOR ISSUING THE BONDS
The Bonds will be issued for the purpose of (a) financing all or a portion of the cost of public infrastructure as permitted under the Local District Act, Title 17B, (b) funding capitalized interest (with respect to the 2023A Senior Bonds), (c) funding a reserve fund (with respect to the 2023A Senior Bonds), and (d) paying costs related to the issuance of the Bonds.
PROPERTY OWNER CONSENT
On or before July 26, 2022, 100% of the surface property owners within the boundaries of the Issuer consented to the issuance of not to exceed $75,000,000 of limited tax bonds (the 'Property Owner Consent') for the purpose of paying all or a portion of the cost of public infrastructure as permitted under the District Act, and on such date there were no registered voters within the boundaries of the Issuer.
On April 5, 2023, the Board adopted a resolution (the 'Consent Resolution') confirming it had obtained the Property Owner Consent and that there were no registered voters within the boundaries of the Issuer on such Date and declared its intent to issue limited tax bonds within ten years of the date on which the first Property Owner Consent was obtained and declaring that such Property Owner Consent be binding on the Property Owners and their successors in title and assigns and all future residents, owners, lessors, voters, and taxpayers of the District.
REVENUES TO BE PLEDGED
The Bonds are limited tax general obligations of the Issuer payable from all or any portion of (i) ad valorem property taxes of the Issuer, subject to a maximum rate of 0.005 per dollar of taxable value and (ii) revenues received by Issuer, if any, pursuant to one or more infrastructure reimbursement agreements (collectively, the 'Pledged Revenues').
PARAMETERS OF THE BONDS
The Issuer intends to issue the Bonds in the combined aggregate principal amount of not more than Fifty Million Dollars ($50,000,000). The Bonds shall mature in not more than thirty-one (31) years from their date or dates and taxes being imposed for a period of up to forty (40) years from the first date of imposition thereof, to be sold at a price not less than ninety-five percent (95%) of the total principal amount thereof, and bearing interest at a rate or rates not to exceed twelve percent (12.0%) per annum. The Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, an Indenture of Trust (Senior), and an Indenture of Trust (Subordinate) (collectively, the 'Indentures').
OUTSTANDING BONDS SECURED BY REVENUES
Other than the proposed Bonds, the Issuer currently has $-0- principal amount of bonds outstanding secured by the Pledged Revenues.
TOTAL ESTIMATED COST OF 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 Bonds is estimated at approximately $86,248,878. A copy of the Resolution and the Indentures are on file at Cohne Kinghorn, P.C., 111 E Broadway, 11th Floor, Salt Lake City, Utah 84111, Phone: 801-363-4300 where they may be examined during regular business hours from 9:00 a.m. to 4:00 p.m. for a period of at least thirty (30) days from and after the date of posting of this notice.
CONTEST PERIOD
NOTICE IS FURTHER GIVEN that a period of thirty (30) days from and after the first date of the posting 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 Indentures, the Bonds, the Property Owner Consent, or the Consent Resolution, or any provision made for the security and payment of the Bonds. 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 September 22, 2023.
/s/Mike Bradshaw
Secretary/Clerk
Notice of Special Accommodations (ADA)
In accordance with the Americans with Disabilities Act, Jordanelle Ridge Public Infrastructure District No. 2 will make reasonable accommodation for participation in all public meetings. This meeting may be held telephonically to allow a member of the public body to participate. This agenda is subject to change with a minimum 24-hour notice. For information on reasonable accommodations or participating electronically, please call Janelle Dannenmueller at 801-363-4300.