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, and the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended (collectively, the 'Act'), that on April 1, 2024, the Board of Trustees (the 'Board') of the Washington County Water Conservancy District, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Water Revenue and Refunding Bonds, Series 2024 (the 'Series 2024 Bonds') (to be issued in one or more series and with such other series or title designation(s) as may be determined by the Issuer) and called a public hearing to receive input from the public with respect to (a)the issuance of the Series 2024 Bonds and (b)any potential economic impact that the Project described herein to be financed with the proceeds of the Series 2024 Bonds issued under the Act may have on the private sector.
TIME, PLACE AND LOCATION OF PUBLIC HEARING
With regard to that portion of the Series 2024 Bonds issued pursuant to the Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended, the Issuer shall hold a public hearing on May 6, 2024, at the hour of 6:00 p.m. at 533 E. Waterworks Dr., St. George, Utah. The purpose of the hearing is to receive input from the public with respect to (a)the issuance of the Series 2024 Bonds and (b)any potential economic impact that the Project to be financed with the proceeds of the Series 2024 Bonds may have on the private sector. All members of the public are invited to attend and participate.
PURPOSE FOR ISSUING THE SERIES 2024 BONDS
The Series 2024 Bonds will be issued for the purpose of (a) financing the acquisition and/or construction of certain improvements to its water system (the 'System') including, but not limited to, (a) the purchase of water rights for the purpose of providing water to certain rural areas of Washington County, Utah, such as the municipalities of Enterprise, New Harmony and Apple Valley, and (b) related improvements (collectively, the 'Project') (b) refunding all or a portion of the Issuer's outstanding Water Revenue Refunding Bonds, Series 2015 (the 'Refunded Bonds') and (c) paying costs of issuance of the Series 2024 Bonds.
PARAMETERS OF THE SERIES 2024 BONDS
The Issuer intends to issue the Series 2024 Bonds in the aggregate principal amount of not more than Twenty Million Dollars ($20,000,000), to mature in not more than thirty (30) years from their date or dates, to be sold at a price not less than ninety-eight percent (98%) of the total principal amount thereof and bearing interest at a rate or rates not to exceed six percent (6.00%) per annum. The Series 2024 Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, an Original Master Resolution and a Supplemental Resolution (together, the 'Master Resolution') which were before the Board in substantially final form at the time of the adoption of the Resolution and said Master Resolution is to be executed by the Issuer in such form and with such changes thereto as shall be approved by the Issuer; provided that the principal amount, interest rate or rates, maturity, and discount of the Series 2024 Bonds will not exceed the maximums set forth above. The Issuer reserves the right to not issue the Series 2024 Bonds for any reason and at any time up to the issuance of the Series 2024 Bonds.
REVENUES PROPOSED TO BE PLEDGED
The Series 2024 Bonds are special limited obligations of the Issuer payable from the net revenues of the System.
OUTSTANDING BONDS SECURED BY REVENUES
The Issuer has outstanding bonds of $43,518,120 secured by the net revenues of the System.
OTHER OUTSTANDING BONDS OF THE ISSUER
Additional information regarding the Issuer's outstanding bonds may be found in the Issuer's annual financial report (the 'Financial Report') at: https://reporting.auditor.utah.gov/searchreport. For additional information, including any information more recent than as of the date of the Financial Report, please contact Zach Renstrom, General Manager at (435) 673-3617.
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 rate cost of the Series 2024 Bonds to be issued under the Act to finance the Project, if held until maturity, is $20,000,000.00.
A copy of the Resolution and the Master Resolution are on file in the office of Washington County Water Conservancy District, 533 E. Waterworks Dr., St. George, Utah, where they may be examined during regular business hours of the Issuer from 8:00 a.m. to 5:00 p.m. Monday through Friday, 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 (i) any person in interest shall have the right to contest the legality of the Resolution, the Master Resolution (as it pertains to the Series 2024 Bonds), or the Series 2024 Bonds, or any provision made for the security and payment of the Series 2024 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 22, 2024.
Mindy Mees
Secretary
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 our offices (43)673-3617 for any other special accommodations needed.
Notice of Electronic or Telephone Participation
Meetings are recorded. No telephonic participation.