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 of the Utah Code Annotated 1953, as amended, that on April 5, 2024, the Board of Trustees (the 'Board') of Ventana Resort Village Public Infrastructure District (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Limited Tax General Obligation Bonds, Series 2024 (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 to receive input from the public with respect to (a) the issuance of the Bonds and (b) any potential economic impact that the Project described herein to be financed with the proceeds of the Bonds may have on the private sector.
PURPOSE, TIME, PLACE AND LOCATION OF PUBLIC HEARING
The Issuer shall hold a public hearing on April 25, 2024, at the hour of 11:00 a.m. at 912 West 1600 South, Suite B-200, St. George, UT 84770 or electronically at zoom.us/join using Meeting ID: 820 1794 9865 and Passcode: 926460. 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.
PURPOSE FOR ISSUING THE BONDS
The Bonds will be issued for the purpose of (a) financing all or a portion of the cost of public infrastructure as permitted under the Special District Act, Title 17B, Utah Code Annotated 1953, as amended, (b) funding capitalized interest, (c) funding a reserve fund or a surplus fund, and (d) paying costs of issuance of the Bonds.
REVENUES TO BE PLEDGED
The Bonds are limited tax general obligations of the Issuer payable from all or any portion of ad valorem property taxes of the Issuer, subject to a maximum rate of 0.006 per dollar of taxable value and pioneering agreement revenues, if any (collectively, the 'Pledged Revenues').
PARAMETERS OF THE BONDS
The Issuer intends to issue the Bonds in the aggregate principal amount of not more than Twelve Million Dollars ($12,000,000), to 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. The Bonds are 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 and 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 $34,006,625.
A copy of the Resolution and the Indenture are on file at 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 5:00 p.m. for a period of at least thirty (30) days from and after the 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 any person in interest shall have the right to contest the legality of the Resolution, the Indenture (but only as it relates to the Bonds), the Property Owner Consent (as defined in the Resolution), 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 April 5, 2024.
/s/ Stephanie Nast
Secretary/Clerk
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.