General Information

Government Type

Municipality

Entity

Brian Head

Public Body

Brian Head Town Council

Notice Information

Add Notice to Calendar

Notice Title

Notice of Public Hearing and Bonds to be Issued

Notice Tags

Bonds

Notice Type(s)

Notice, Hearing

Event Start Date & Time

October 10, 2023 01:00 PM

Event End Date & Time

October 10, 2023 03:00 PM

Description/Agenda

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 September 12, 2023, the Town Council (the 'Council') of the Town of Brian Head, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance and sale of the Issuer's Taxable Water Revenue Bonds (herein, the 'Bonds') in an aggregate principal amount not to exceed $5,490,000, to bear no interest, to mature in not more than 40 years from their date or dates, and to be sold at a price not less than ninety-nine percent (99%) of the total principal amount thereof. If Bonds are issued in the full amount above, and carried to maximum maturity, at the maximum interest rate, then the amount to be repaid will be approximately $5,490,000. However, the Issuer anticipates that the Bonds will not be issued in a repayable principal amount in excess of $3,838,000, bearing no interest, to be repaid over 40 years, in which event the amount to be repaid will be $3,838,000. The Issuer has obtained a commitment in the amount of $1,645,748 for principal forgiveness for the Project, none of which will need to be repaid. Presently, the Issuer has no more than $5,781,064 in outstanding bonds secured by a pledge of 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. No taxes will be pledged to secure the Bonds. The public hearing will be held on October 10, 2023 at 1:00 p.m., or as soon thereafter as feasible, at Brian Head Town Hall located at 56 North Highway 143, Brian Head, UT 84719. The Bonds will be issued pursuant to the Resolution and a Final Bond Resolution to be adopted authorizing and confirming the sale of the Bonds (the 'Final Bond Resolution') and approving a Second Supplemental Indenture, supplementing and amending a General Indenture of Trust by and between the Issuer and U.S. Bank, National Association, as Trustee, for the purposes of financing, in part, (i) improvements to the Issuer's water system, including drilling a new well, improvements to existing wells, water lines and related improvements (the 'Project'), and (ii) paying the costs of issuing the Bonds. A draft of the Final Bond Resolution and Indenture in substantially final form was before the Council and was part of the Resolution at the time of the adoption of the Resolution by the Council (collectively, the 'Bond Resolutions'). The Final Bond Resolution and Indenture are to be adopted by the Council in such form and with such changes thereto as shall be approved by the Council upon the adoption thereof; provided that the principal amount, the interest rate, maturity, and discount of the Bonds will not exceed the maximums set forth above. Copies of the Bond Resolutions, including Indenture, are on file in the office of the Town Clerk of the Issuer in Brian Head, Utah, where they may be examined during regular business hours, i.e., between 9:00 a.m. and 4:30 p.m., Monday through Friday, for at least thirty (30) days from and after the date of publication of this notice. NOTICE IS FURTHER GIVEN that, for a period of thirty (30) days from and after the date of the publication of this notice, any person in interest shall have the right to contest the legality of the Bond Resolutions 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 their county of residence, and that after such 30-day period, no one shall have any cause of action to contest the regularity, formality or legality thereof for any reason. DATED: September 12, 2023. /s/ Nancy Leigh Town Clerk

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 Nancy Leigh (435) 677-2029 at least three days prior to the meeting.

Notice of Electronic or Telephone Participation

Available to Board Members as per Ordinance No. 11-003 authorizes public bodies to establish written procedures governing the calling and holding of electronic meetings at which one or more members of the Council may participate by means of electronic com

Meeting Information

Meeting Location

Town Hall Council Chambers
56 North SR 143
Brian Head, UT 84719
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Contact Name

Nancy Leigh

Contact Email

nleigh@bhtown.utah.gov

Contact Phone

(435)677-2029

Notice Posting Details

Notice Posted On

September 25, 2023 11:22 AM

Notice Last Edited On

September 25, 2023 11:22 AM

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