AMENDED PUBLIC NOTICE for Black Desert Public Infrastructure District
Notice Tags
Bonds
Notice Type(s)
Notice,
Bond
Event Start Date & Time
April 9, 2024 01:13 PM
Description/Agenda
NOTICE OF BONDS TO BE ISSUED
NOTICE IS HEREBY GIVEN pursuant to the provisions of the Public Infrastructure District Act, Title 17D, Chapter 4 (the 'PID Act') and Assessment Area Act, Title 11, Chapter 42 of the Utah Code Annotated 1953, as amended, that on February 16, 2024, the Board of Trustees (the 'Board') of Black Desert Public Infrastructure District (the 'District'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the District's Special Assessment Bonds (Black Desert Assessment Area #1), 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 District). It is anticipated that the Board will subsequently amend the Resolution to authorize a maturity date for the Bonds of not more than thirty (30) years from their date or dates.
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 PID Act and 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 special assessment obligations of the District payable from assessments to be levied on property within the boundaries of the District (collectively, the 'Pledged Revenues').
PARAMETERS OF THE BONDS
The District intends to issue the Bonds in the aggregate principal amount of not to exceed Two Hundred Thirty-Four Million Eight Hundred and Seventy Thousand Dollars ($234,870,000), to mature in not more than thirty (30) years from their date or dates. 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 eleven percent (11.0%) per annum. The Bonds are to be issued and sold by the District pursuant to the Resolution, including as part of said resolutions, an Indenture of Trust and Pledge (the 'Indenture').
OUTSTANDING BONDS SECURED BY REVENUES
Other than the proposed Bonds, the District currently has $-0- principal amount of bonds outstanding secured by the Pledged Revenues.
TOTAL ESTIMATED COST OF BONDS
Based on the District'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 $272,430,684.
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 4:00 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), 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 9, 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.