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 January 22, 2024, the Board of Trustees (the 'Board') of Olympia Public Infrastructure District No. 1 (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorizes the issuance of the Issuer's Limited Tax General Obligation Bonds, Series 2024A-1 (the '2024A-1 LT Senior Bonds'), Special Revenue Bonds, Series 2024A-2 (the '2024A-2 Special Revenue Bonds') and Subordinate Limited Tax General Obligation Bonds, Series 2024B (the '2024B LT Subordinate Bonds,' together with the 2024A-1 LT Senior Bonds, the 'LT Bonds' and, collectively, with the 2024A-2 Special Revenue Bonds, 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 February 7, 2024, at the hour of 11:00 a.m. via electronic means at zoom.us or 1 (669) 444-9171 using Meeting ID: 871 7720 2292 and Passcode: 122003. 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.
PURPOSE FOR ISSUING THE BONDS
The Bonds will be issued for the purpose of (a) financing or reimbursing all or a portion of the cost of public infrastructure as permitted under the Special District Act, Title 17B, (b) funding capitalized interest (with respect to the 2024A-1 LT Senior Bonds and the 2024A-2 Special Revenue Bonds), (c) funding any necessary reserve and/or surplus funds (with respect to the Series 2024A-1 LT Senior Bonds and the 2024A-2 Special Revenue Bonds), and (d) paying costs of issuance of the Bonds.
REVENUES TO BE PLEDGED
The LT Bonds are limited tax general obligations of the Issuer payable from all or any portion of ad valorem property taxes of the Issuer and pioneering agreement revenues, if any, and the 2024A-2 Special Revenue Bonds are special revenue obligations of the Issuer payable from all or any portion of certain contract fees of the Issuer (collectively, the 'Pledged Revenues').
PARAMETERS OF THE BONDS
The Issuer intends to issue the LT Bonds in the combined aggregate principal amount of not more than Fifteen Million Dollars ($15,000,000), and the 2024A-2 Special Revenue Bonds in an aggregate principal amount of not more than Twenty Million Dollars ($20,000,000). The Bonds shall mature in not more than thirty-one (31) years from their date or dates, taxes being imposed for a period of up to forty (40) years from the first date of imposition thereof (with respect to the LT Bonds), 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 of not to exceed eleven percent (11%) 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), an Indenture of Trust (Subordinate), and an Indenture of Trust (Special Revenue) (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 is estimated at approximately $18,216,047 for the 2024A-1 LT Senior Bonds, approximately $667,000 for the 2024B LT Subordinate Bonds and approximately $21,935,174 for the 2024A-2 Special Revenue Bonds.
A copy of the Resolution and the Indentures are on file in the office of Snow Jensen & Reece, 912 West 1600 South, Suite B-200, St. George, Utah 84770, 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. For electronic copies of the Resolution and the Indentures, please call (435) 215-4960 or email nasmus@snowjensen.com.
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 Indentures, or the Bonds, 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 January 22, 2024.
/s/ Kirk Young
Clerk/Secretary
Notice of Special Accommodations (ADA)
The District complies with the Americans with Disabilities Act by providing accommodations and auxiliary communicative aids and services for all those in need of assistance. Persons requesting these accommodations for public meetings should call Jennifer Gowans at 435-628-3688 at least 24 hours before the meeting.
Notice of Electronic or Telephone Participation
Unless otherwise noted in the posted Agenda, meetings of the Board of Trustees will be held in person. For meetings held via videoconferencing or telephonic communication Trustees and other meeting participants and attendees will be able to participate remotely. Persons requesting video conference or telephonic accommodations for public meetings should call Jennifer Gowans at 435-628-3688 to make arrangements.
Other Information
Victoria Carlton (SJ&R) is inviting you to a scheduled Zoom meeting.
Topic: Olympia PID | Board Meeting & Hearing
Time: Feb 7, 2024 11:00 AM Mountain Time (US and Canada)
Join Zoom Meeting
https://us06web.zoom.us/j/87177202292?pwd=nmIxP7wB4Wk1hazvGmi6ecagrva3aZ.1