NOTICE OF PUBLIC HEARING
METROPOLITAN WATER DISTRICT OF SALT LAKE & SANDY
PUBLIC NOTICE IS HEREBY GIVEN that, pursuant to Section 11 14-318, Utah Code Annotated 1953, as amended, the Board of Trustees (the 'Board') of Metropolitan Water District of Salt Lake & Sandy (the 'Issuer') will hold a public hearing on February 26, 2024 during the Board meeting that begins at 4:30 p.m., to receive input from the public with respect to the issuance, in one or more series, of up to $56,000,000 aggregate principal amount of the Issuer's Water Revenue Bonds, Series 2024A (the 'Series 2024A Bonds') and Water Revenue Bonds, Series 2024B (the 'Series 2024B Bonds' and, collectively with the Series 2024A Bonds, the 'Bonds') and the potential economic impact that the improvements, facilities, or properties to be financed in whole or in part by the Bonds will have on the private sector.
The Issuer intends to issue the Bonds for the purpose of financing a portion of the costs of certain improvements to its water system, including the acquisition and installation of pipe, improvements to the Little Cottonwood Treatment Plant, and related facilities (the 'Series 2024 Project'), funding a debt service reserve, if necessary, and paying costs of issuance of the Bonds. The Issuer intends to sell the Series 2024A Bonds to the State of Utah, the Department of Natural Resources, Board of Water Resources (the 'Board of Water Resources').
The Issuer will not pledge any taxes of the Issuer for the payment of the Bonds. Instead, the Issuer will pledge, pursuant to a master bond resolution and supplemental resolutions (collectively, the 'Resolution'), the revenues attributable to the Issuer's water system, for the payment of the Bonds, as set forth in the Resolution.
The Series 2024A Bonds will bear interest at a rate of 1.0% per annum. The following is an estimated repayment schedule for the principal of the Series 2024A Bonds:
JULY 1 OF
THE YEAR** PRINCIPAL
AMOUNT**
2025 $ 465,000
2026 470,000
2027 474,000
2028 479,000
2029 484,000
2030 489,000
2031 494,000
2032 499,000
2033 504,000
2034 509,000
2035 714,000
2036 721,000
2037 728,000
2038 735,000
2039 743,000
2040 750,000
2041 758,000
2042 765,000
2043 773,000
2044 781,000
2045 1,895,000
2046 1,914,000
2047 1,933,000
2048 1,952,000
2049* 1,971,000
The Series 2024B Bonds will mature in the amounts and on the dates, will bear interest, and will be sold to one or more purchasers, as set forth in a bond purchase agreement to be entered into at a future date.
The issuance of the Bonds will not directly impact the rates charged by the Issuer to its members, although the Issuer annually adjusts such rates in order to, among other things, provide for payment of debt service and fund operation and maintenance expenses.
The Board will hold a public hearing at the regular Board meeting that begins at 4:30 p.m. on February 26, 2024. The public hearing will be held at the regular meeting place of the Board, located at 3430 East Danish Road, Cottonwood Heights, Utah. All members of the public are invited to attend and participate in the public hearing. Prior to the public hearing, written comments may be submitted to the Issuer, to the attention of the Clerk of the Issuer, at 3430 East Danish Road, Cottonwood Heights, Utah, or to the Board of Water Resources at P.O. Box 146201, Salt Lake City, Utah 84114-6201.
DATED February 9, 2024.
METROPOLITAN WATER DISTRICT OF SALT LAKE & SANDY
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 Breana Jackson at 801-942-9620.