NOTICE OF BONDS TO BE ISSUED
NOTICE IS HEREBY GIVEN pursuant to the provisions of the Utah Revised Nonprofit Corporation Act, Title 16, Chapter 6a, Utah Code Annotated 1953, as amended (the 'Nonprofit Corporation Act') and the Utah Local Building Authority Act, Title 17D, Chapter 2, Utah Code Annotated 1953, as amended, and its predecessor Act (the 'Utah Local Building Authority Act' and collectively with the Nonprofit Corporation Act, the 'Acts'), that on February 27, 2024, the Governing Board (the 'Board') of the Municipal Building Authority of Uintah County, Utah (the 'Issuer' or 'Authority') adopted a parameters resolution (the 'Parameters Resolution') in which it authorized the issuance by the Issuer of its Taxable Lease Revenue Bonds, Series 2024B (the 'Bonds') in the aggregate principal amount of not to exceed $620,000, to bear no interest, to mature in not more than fifteen (15) years from their date or dates, and to be sold at a price not less than 99% of the total principal amount thereof.
TIME, PLACE AND LOCATION OF PUBLIC HEARING
The Authority shall hold a public hearing on April 9, 2024, at 3:00 p.m., or as soon thereafter as feasible. The location of the public hearing is at the Council Chambers located at 152 E. 100 N. in Vernal, Utah. The purpose of the public hearing is to receive input from the public with respect to the issuance of the Bonds and the potential economic impact that the improvement, facility, or property for which the Bonds will pay all or part of the cost will have on the private sector. All members of the public are invited to attend and participate.
REPAYMENT OF THE BONDS
The security of the Bonds will be the compactor and related improvements to be acquired. 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 $620,000. However, Uintah County and the Authority have obtained a funding commitment from the State of Utah Permanent Community Impact Fund Board (the 'CIB') for a loan in the amount of $517,000, bearing no interest, to be repaid over 10 years, in which event the amount to be repaid will be $517,000. No taxes will be pledged for the repayment of the Bonds.
PURPOSE FOR ISSUING BONDS
The Bonds will be issued pursuant to the Resolution, and an Authorizing Resolution and Master Resolution (collectively, the 'Bond Resolutions') to be adopted by the Authority Board authorizing and confirming the sale of the Bonds for the purpose of financing, in part, (i) the acquisition and lease of a compactor (the
Equipment'), and related improvements for the benefit of the County (the 'Project') for the benefit of the County and its residents; and (ii) paying the costs of issuing the Bonds.
A draft of the Bond Resolutions in substantially final form were before the Authority Board and were part of the Resolution at the time of the adoption of the Resolution by the Authority Board. The Bond Resolutions will be adopted by the Authority Board in such form and with such changes thereto as shall be approved by the Authority Board upon the adoption thereof; provided that the principal amount, interest rate, maturity and discount of the Bonds will not exceed the maximums set forth above.
Copies of the Parameters Resolutions and the Bond Resolutions are on file in the office of the Secretary of the Issuer at the County offices where they may be examined by appointment during regular business hours of the County offices, for a period of at least thirty (30) days from and after the last date of publication of this notice.
NOTICE IS FURTHER GIVEN that, for a period of thirty (30) days from and after the first date of the publication of this notice (the '30-day Period'), any person in interest shall have the right to contest the legality of the Bond Resolutions, 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 the county in which he or she resides, and that after the 30-day period, no one shall have any cause of action to contest the regularity, formality or legality thereof for any cause for any reason, and (ii) registered voters within the County 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 20% of the registered voters of the County are filed with the Issuer during the 30-day Period, the Issuer shall be required to hold an election to obtain voter authorization prior to the issuance of the Bonds. If fewer than 20% of the registered voters of the County file a written petition during the 30-day Period, then absent a referendum the Issuer may proceed to issue the Bonds without an election.
DATED this February 27, 2024.
/s/ Sonja Norton________
Secretary
Notice of Special Accommodations (ADA)
In compliance with the Americans with Disabilities Act, Individuals needing special accommodations during this meeting should notify the Commission Executive Secretary, telephone 781-5380.