General Information

Government Type

Special Service District

Entity

Wasatch Peaks Ranch Public Infrastructure District

Public Body

Board of Trustees

Notice Information

Add Notice to Calendar

Notice Title

WPR PID - PUBLIC HEARING AND BONDS TO BE ISSUED

Notice Tags

Administrative Procedure

Notice Type(s)

Notice, Meeting

Event Start Date & Time

November 20, 2023 02:00 PM

Event End Date & Time

November 20, 2023 03:00 PM

Event Deadline Date & Time

11/20/23 05:00 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 (the 'Bond Act'), Title 11, Chapter 14, Utah Code Annotated 1953, as amended, that on November 1, 2023, the Board of Trustees (the 'Board') of the Wasatch Peaks Ranch Public Infrastructure District (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorizes the issuance of the Issuer's Limited Tax General Obligation Bonds, Series 2023 (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 holding a public hearing as described herein. PURPOSE, TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on November 20, 2023, at the hour of 2:00 p.m., located at 36 S State Street, Suite 500, Salt Lake City, Utah. All members of the public may participate via video conference at the following link: https://us02web.zoom.us/j/88655473182?pwd=dkRHUERicUkxU2d0V0RQbUJLM1Z3UT09&from=addon. 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, email Mitchell Lee, District Secretary at mlee@wprdevco.com. PURPOSE FOR ISSUING THE BONDS The Bonds will be issued for the purpose of (a) financing the acquisition (or acquisition of an interest in), construction, and installation of a portion of the improvements benefiting the Issuer, including but not limited to road (including private and restricted access roads), water, sewer, stormwater improvements and any other improvements permitted under the District Act or the Bond Act (the 'Project') and (b) paying costs related to the issuance of the Bonds. PROPERTY OWNER CONSENT On or before June 30, 2023, 100% of the surface property owners within the boundaries of the Issuer consented to the issuance of not to exceed $300,000,000 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 June 30, 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 Issuer, and a notice of such intent was recorded against property within the Issuer. 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 collected from all taxable real property situated within the boundaries 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 impact fee or 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 Two Hundred Million Dollars ($200,000,000). 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 (the 'Indenture'). 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 $393,489,013. A copy of the Resolution and the Indenture are on file at Clyde Snow & Sessions, P.C., One Utah Center, 22nd Floor, 201 South Main Street, Salt Lake City, Utah 84111 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 publication of this notice. NOTICE IS FURTHER GIVEN that a period of thirty (30) days from and after the first 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, the Bonds, the Project, the Property Owner Consent, or the Consent Resolution, or any provision made for the security and payment of the 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 November 1, 2023. /s/Mitchell Lee Secretary/Clerk

Notice of Special Accommodations (ADA)

In accordance with the Americans with Disabilities Act, WPR Utility District 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 accommodations, please call Mitchell Lee at 206-963-6188.

Notice of Electronic or Telephone Participation

For information on participating electronically, please call Mitchell Lee at 206-963-6188.

Meeting Information

Meeting Location

36 S State Street
Suite 500
Salt Lake City, UT 84111
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Contact Name

Carley Herrick

Contact Email

carley.herrick@wasatchpeaksranch.com

Contact Phone

801-726-6836

Notice Posting Details

Notice Posted On

November 02, 2023 02:04 PM

Notice Last Edited On

November 02, 2023 02:04 PM

Deadline Date

November 20, 2023 05:00 PM

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