NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED
PUBLIC NOTICE IS HEREBY GIVEN pursuant to the provisions of the Local Building
Authority Act, Title 17D, Chapter 2, Utah Code Annotated 1953, as amended, the Local
Government Bonding Act, Title 11, Chapter 14, Utah Code, as amended, and the Utah
Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended (together,
the 'Act'), that on January 18, 2024, the Governing Board (the 'Governing Board') of the
Municipal Building Authority of Ogden City School District, Utah (the 'Authority') adopted a
resolution (the 'Resolution') declaring its intention to issue its Lease Revenue and Refunding
Bonds, Series 2024 (the 'Bonds'), and calling a public hearing to receive input from the public
with respect to the issuance of the Bonds.
TIME, PLACE AND LOCATION OF PUBLIC HEARING
The Authority shall hold a public hearing on Thursday, February 15, 2024, at the hour of
5:30 p.m. The location of the public hearing is at the District offices of Ogden City, Utah (the
'District') located at 1950 Monroe Blvd, Ogden, Utah. The purpose of the hearing is to receive
input from the public with respect to: (a) the proposed Bonds and (b) any potential economic
impact that the improvements, facility or property financed in whole or in part with the proceeds
of the Bonds may have on the private sector. All members of the public are invited to attend and
participate.
PURPOSE FOR ISSUING BONDS
The Authority intends to issue the Bonds to provide funds to (i) finance the costs of
construction of an elementary school and all related improvements (the 'Series 2024 Project');
(ii) refund certain outstanding bonds of the Authority, (iii) fund any required deposits to a debt
service reserve fund as needed; and (iv) pay costs associated with the issuance of the Bonds.
PARAMETERS OF THE BONDS
The Authority intends to issue the Bonds in a principal amount of not to exceed Sixty-
Nine Million Dollars ($69,000,000), to bear interest at rates not to exceed six percent (6.0%) per
annum, to mature in not more than twenty-two (22) years from their date or dates, and to be sold
at a price not less than ninety-eight percent (98%) of the total principal amount thereof, plus
accrued interest, if any, to the date of delivery of the Bonds.
The Bonds are to be issued and sold by the Authority pursuant to the Resolution,
including as attachments to said Resolution forms of a Fourth Supplemental Indenture of Trust
(the 'Indenture') and a Third Amendment to Master Lease Agreement (the 'Lease'), which were
before the Governing Board at the time of the adoption of the Resolution. The Indenture and the
Lease are to be executed by the Authority and/or the Board with such terms and provisions and
any changes thereto as authorized by the Resolution.
SECURITY FOR THE BONDS
The Bonds are payable solely from the rents, revenues and other income received by the
Authority from the leasing of the Series 2024 Project to the Board on an annually renewable
basis (the 'Lease Revenues').
OUTSTANDING BONDS SECURED BY LEASE REVENUES
4875-9126-2366, v. 1
The Authority currently has $76,691,000* of bonds outstanding secured by Lease
Revenues. (*Certain bonds issued as Qualified Zone Academy Bonds require annual deposits
into a sinking fund account. As a result, the net principal balance of bonds outstanding secured
by Lease Revenues is $55,220,049 as of June 30, 2023).
OTHER OUTSTANDING BONDS OF THE AUTHORITY
Information regarding all of the Authority's outstanding bonds may be found in the
Board's audited financial report (the 'Financial Report') at
https://reporting.auditor.utah.gov/searchreport/s/. For additional information, including any
more recent than as of the date of the Financial Report please contact Zane Woolstenhulme at
(801) 737-7299.
TOTAL ESTIMATED COST
Based on an estimate of the current interest rate and financing plan, the estimated total
debt service cost of the Bonds, if held until maturity, is $92,117,992.64.
A copy of the Resolution and the forms of Indenture and the Lease are on file in the
District offices, located at 1950 Monroe Blvd, Ogden, Utah, where they may be examined during
regular business hours from 8:00 a.m. to 5:00 p.m., Monday through Friday (legal holidays
excepted) for a period of at least thirty (30) days from and after the last date of posting of this
notice.
NOTICE IS FURTHER GIVEN that a period of thirty (30) days from and after the date
of the posting of this notice is provided by law during which (i) any person in interest shall have
the right to contest the legality of the Resolution, the Indenture, the Lease, or the Bonds, or any
provision made for the security and payment of the Bonds, and after such time, no one shall have
any cause of action to contest the regularity, formality or legality thereof for any cause
whatsoever, and (ii) active voters (as defined in Section 20A-1-102 of the Utah Code) within the
District may sign a written petition requesting an election to authorize the issuance of the Bonds.
If written petitions which have been signed by at least twenty percent (20%) of the active voters
of the District are filed with the Authority during said 30-day period, the Authority shall be
required to hold an election to obtain voter authorization prior to the issuance of the Bonds. If
fewer than twenty percent (20%) of the active voters of the District file a written petition during
said 30-day period, the Authority may proceed to issue the Bonds without an election.
DATED this January 18, 2024.
/s/ Zane Woolstenhulme
Secretary
Notice of Special Accommodations (ADA)
In compliance with Section 504 of the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1991, individuals needing special accommodations (including auxiliary aids and services) during this meeting should notify Jessica Bennington, Director of Human Resources, at 1950 Monroe Blvd., Ogden, UT, 737-7322, at least three days prior to the meeting.